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Exit of landlords from market pushing up asking rents as stock drops

A drop in available properties is pushing asking price rents to record highs, Rightmove has reported.

The portal says that available stock has dropped 8.7%, exacerbated by a 19.4% fall in London.

National asking prices for new rents, excluding London, in the third quarter this year are £802.

It is the first time that average asking rents outside London have been over £800.

In London, the average asking price has included down, from £2,000 per month in the second quarter, to £1,992.

Rightmove commercial director Miles Shipside said: “Rental demand is currently outstripping supply in many locations, especially in the capital.

“The exit of more landlords from the buy-to-let market has been due to a raft of different factors.

“What we’re left with is a lack of available homes for tenants looking to find their next place to rent, meaning that when the right kind of property does come along it isn’t sticking around for very long before it’s snapped up.”

Source: Property Industry Eye