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.
