Increased supply of rental properties has put a dent in London asking rents, according to Rightmove.
So the property listing website has handily compiled a chart of the areas in each UK region which have the most available rental properties as a proportion of total housing.
Places with the most rental choices in the UK
|Top locations||Region/country||Average asking rent per month (2 bed) Q2 2017|
|Leeds||Yorkshire and Humber||£710|
|Cambridge||East of England||£1,209|
The state of the London market
The average advertised price is £1955.36 for a two bedroom property, 3.2 per cent lower than a peak of £2,020 in the second quarter of 2016.
Tenants now have increased choice in London where the number of properties available on the rental market rose 8 per cent. But new listings are down 5 per cent, as the period of time taken to let a property has increased by 15 per cent compared to this time last year.
Kilburn was named as the London area with the most available rental properties as a proportion of total housing stock.
Rightmove’s head of lettings Sam Mitchell comments: “Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn’t happening yet. Perhaps landlords are remortgaging their buy-to-let properties instead, as they still feel it’s a better investment than looking to other industries."
What's happening elsewhere
Outside of the capital asking rents continue to rise, despite a similar trend for increased availability of rentals. Prices rose 2.8 per cent compared to last quarter, in line with a five-year average of 2.7 per cent for this time of year.
Mitchell added: "It could spell good news for tenants coming to the end of their lease as they might find there is slightly more choice than last year. Anyone hoping for a drop in prices due to the extra choice will be disappointed though as rents are following a very similar trend to previous years."