A city in North Wales has been declared the UK’s rental hotspot with 54 enquiries per home. A study from Rightmove showed the rent market in Wrexham is almost three times busier than the UK average – which sits at 19 enquiries per home.
Glasgow is second on the list, with an average of 52 enquiries being sent to letting agents per available rental property, and Bristol is third on the list, with an average of 51 enquiries per property.
The average rent for a home outside London has now risen to a record £1,349 per calendar month which is five per cent higher than last year. But this is the slowest rents have been increasing since 2021, with annual rate of growth of 12 per cent being recorded in 2022.
While the market is still very busy, the imbalance between supply and demand in the rental market has been improving this year. Rightmove says the rental market is still in need of more supply of available homes to prevent a reversal in the improvements to the balance of supply and demand this year.
Another Rightmove study recently found there is a record number of landlords putting their properties up for sale. This could affect the supply of rental homes on the market.
Tim Bannister, Rightmove’s property expert, says: “Whilst at a high-level there has been an easing in the rental market compared with last year, from speaking with agents, we know that many local markets are yet to feel the effect from these improvements.
“At the same time, prospective tenants are still likely to be experiencing a very hot and competitive market. To be receiving upwards of 50 enquiries per available rental property in some local areas is an astonishing figure, which goes to show the significant amount of work still to be done to improve the balance of supply and demand across different areas of Great Britain.”
