Prices in the property market have gone through the roof in recent months with the costs to buy and rent a home at an all time high. One of the main reasons for these increases is that a huge number of people are wanting to move, but there are a lack of properties available to meet the demand.
Demand from tenants is now up by 20 per cent compared to the same period in 2021 and the number of available rental homes is down by 9 per cent, which is pushing average monthly rent payments up further and driving even fiercer competition between renters.
Average monthly rent costs in Great Britain have now hit a record high of £1,162, which has gone up by 11 per cent in just a year. According to Rightmove, there are three areas of Greater Manchester in particular where rents have soared in the last three months.
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Rightmove's property expert Tim Bannister says that there needs to be far more homes available for rent before the current levels of demand can be met.
He says: “It’s a real challenge for renters at the moment, as there are simply not enough homes available to rent to meet the demand from people enquiring. Ultimately, the gap between supply and demand is becoming wider across the board. We’ll need a significant addition of homes to come onto the market to even begin to balance the scales.”
Manchester is the area where rent costs have risen at a fastest rate in the last quarter. In 2021, the average monthly rent was £959, but this has now risen by 20.5 per cent to £1,157 in 2022.
Sale is another area of Greater Manchester where rent costs have soared. In 2021 you could rent a home for £873 whereas in 2022 this would now cost you £1,037 - an increase of 18.8 per cent.
Rent costs have also increased in Salford with the average monthly rent in quarter three of 2022 now costing £1,144. This has gone up by 17.6 per cent from £972 in 2021.
Wilmslow in nearby Cheshire has also seen rent costs go up in the last three months. In 2021 the average rent in the area was £965 but this has now gone up by 18.3 per cent to £1,142.
During the pandemic, many people chose to move to coastal towns and the countryside, but Rightmove say they are now seeing a reversal of that trend. Cities like Manchester, Cardiff and Edinburgh are among the areas where rents have risen the most in the past three months.
With the high level of competition for rental properties at the moment, the best thing you can do is to be as prepared as possible when you start looking for your next home.
Director of Benham and Reeves, Marc von Grundherr, says that as well as making sure you have your deposit ready – which is usually around 5 weeks’ rent – it’s will also really help if you’ve got all of the necessary documents to hand, from right to rent permissions, to current and past addresses, employee and personal references, and bank statements.
“When it comes to viewings, make yourself available. The market moves incredibly fast, so waiting for an evening viewing or until the weekend could see you miss out. If a property is right for you, act as soon as possible to secure it,” says Marc.
“And finally, be ready to move. A landlord will ideally look for a tenant who is able to rent their property as soon as the current tenant vacates."
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