The Office of National Statistics’ recently revised methodology for calculating rental price growth shows that increases have been even stronger than previously thought. In the capital, year-on-year rental growth hit 10% in October 2023, compared with a previous estimate of 6.8%.
The Office of National Statistics’ recently revised methodology for calculating rental price growth shows that increases have been even stronger than previously thought. In the capital, year-on-year rental growth hit 10% in October 2023, compared with a previous estimate of 6.8%.
"It is still taking an average of just 13 days for a London rental property to be snapped up"
Meanwhile, recently released Rightmove data for the three months to September showed London rental prices climbing by over 12% to £2,627 per month, as an average of 25 people competed for each property. Zoopla reported last week that despite the past three years of record-breaking rental growth, it is still taking an average of just 13 days between a London rental property coming on the market and it being snapped up by eager tenants.
International property company JLL has said it expects Greater London house prices to increase by 22% over the next 5-years, beating nationwide UK growth predictions of 20% over the same time span. The firm added that within those headline figures, it expected lower value markets to see stronger growth towards the beginning of the period, with more expensive markets like London and the South East outperforming in the second half.
September has seen the fastest annual house price growth in around two years, according to Nationwide’s latest index, with average London house prices hitting £524,685.
The September data from online portal Zoopla showed that UK property sales volumes were at their highest level since pandemic restrictions were lifted in 2020.