Landlords plan to reduce portfolios in spite of record asking rents
- A shortage of new stock to choose from, coupled with strong demand from tenants, has led to record asking rents in all areas across Great Britain except Scotland and the North East:
- Asking rents outside London are at a peak of £828 per calendar month (PCM), seeing the biggest quarterly jump in rents at this time of year since 2015
- In London, rents are at a record of £2,104 per calendar month (PCM), seeing the biggest quarterly jump at this time of year since we started recording this data
- These jumps have led to an annual rate of growth of 3.2% outside London, the highest since 2016, and an annual rate of 5.6% in London
- Nationally, the number of available rental properties is 13% under the previous low recorded in Q3 2015, and 24% down in London, as tax changes deter new and existing landlords:
- New research from Rightmove shows almost a quarter of landlords (24%) are planning to sell at least one property from their current portfolio
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