The headlines from the H1 & Q2 2023 Rental Market Report from Hometrack are:
- Rental inflation running in double digits for 15th consecutive month
- No let up in supply/demand imbalance as we enter busier summer period when demand typically increases by up to 40%
- Rents have grown faster than average earnings over last 21 months
- Rental costs as a proportion of earnings reach highest for a decade
- Emerging evidence of growing stress for renters on lower incomes
- Weakness in the sales market likely to support rental supply in H2
- Higher mortgage rates hit 20-30% of landlords with largest loans
- Landlord sales are concentrated in London and the South East where yields are lowest and extra equity required at refinancing
You can read the full report online for the Q2 & H1 2023 Hometrack Rental Market Report on the Hometrack website.