UK Rental Market Expected to Cool in 2024 Due to Affordability Concerns, Zoopla Reports
Zoopla's latest rental report indicates a potential slowdown in the UK rental market as soaring rents become increasingly unaffordable for tenants, with growth expected to halve in 2024.
The UK rental market is expected to see a slowdown in the coming year, as rents have surged at an unsustainable pace in some areas. According to Zoopla's latest rental report, tenants are finding it increasingly difficult to afford the high rents, leading to a decrease in the growth of new lets. The growth in rents has slowed to 9.7 per cent in December, down from 11.9 per cent a year ago, and Zoopla predicts that this pace could halve in 2024. The rapid increase in rents over the past three years has led to affordability pressures for tenants, and the market is beginning to show signs of a shift, as confirmed by lettings agents.
London has experienced the most significant slowdown in rents, dropping from 17 per cent a year ago to 9 per cent in December. Despite this slowdown, rents in the capital remain exorbitantly high, with the average monthly rent standing at £2,415, according to Hamptons lettings agents.
The red-hot rental market in the UK is showing signs of cooling down, as the rapid rise in rents has reached a point where affordability pressures are becoming a concern for tenants. The pace of growth in rents is expected to slow down significantly in the coming year, particularly in areas where rents have risen at an unsustainable pace.
UK Rental Market Expected to Cool in 2024 Due to Affordability Concerns, Zoopla Reports
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