FTSE 100 LIVE: London markets higher as Reeves meets business leaders
The average monthly price being paid for rental accommodation fell 0.2% for properties outside of London in January, according to new data by property platform Rightmove (RMV.L), slightly easing the cost of living burden that has plagued the real estate market.
In the capital, however, average advertised rents in London continue to rise, reaching a thirteenth consecutive quarterly record of £2,695 per calendar month (pcm), however the increase is only 0.1% this quarter.
Supply in the rental market continues to increase, with the number of available rental properties now 13% higher than at the same time last year, improving the balance of supply and demand, Rightmove said.
The number of prospective tenants looking to move has also dropped by 16% versus last year, however, the average number of applications per rental property is still in double digits at 10.
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