LONDON – Landlords in Britain increased the rents they advertise to new tenants by the most on record in 2021, according to a survey published on Thursday that underscored the growing cost-of-living squeeze facing many households.
Average residential rents for homes advertised on property website Rightmove during the three months to December 2021 were 9.9% higher than in the same quarter a year earlier, the biggest rise since the data series began in 2011.
In London, where rents plunged by more than 6% in late 2020 as the pandemic hit demand in big cities, they rose by 10.9% over the past year to stand 3% above their level shortly before the coronavirus pandemic swept Europe.
Rightmove said it predicted asking rents across Britain would rise by a further 5% in 2022, pushed up by lack of available properties for renters.
Last week, the Royal Institution of Chartered Surveyors said it also expected a rise in rents this year.
Data from Britain’s statistics office shows private rental prices across the United Kingdom rose by 1.8% in the 12 months to December, the fastest increase since mid-2017. That measure covers all rental contracts, not just new ones.
Rents advertised on Rightmove do not necessarily reflect the final rent negotiated by the landlord and tenant.