Rightmove has moved to call on the new government to prioritise the sector as rents outside London climb 7 per cent in a year  a staggering rise as the Cost of Living crisis continues. Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time.More info. Private rents in Great Britain have hit a record high. Rightmove has moved to callon the new governmentto prioritise the sector asrents outside London climb 7 per cent in a year a staggering rise as the Cost of Living crisis continues. Advertised rent outside London reached a record 1,316 a calendar month in May, the property website Rightmove said. The figure for London was 2,652 a month almost three times the 894 asked for in northeast England. It said its analysis showed about 120,000 more rental properties were needed to return rent growth to more normal levels of about 2 a year, based on current demand. Tim Bannister, Rightmove s property expert, said: It s easy to forget there was a time before the pandemic where rental price growth was more stable. Annual price growth at seven per cent suggests we are still out of balance. . He added: The next government should be prioritising an improvement to the planning process, an acceleration of housebuilding, and encouraging more supply into the rental market. It comes as separate figures from Propertymark, a professional body for estate and letting agents, showed there were about nine new applicants registered for each available UK property in May. North East, 894, 11. West Midlands, 1,180, 10. Scotland, 1,067, 9. East of England, 1,597, 8. North West, 1,146, 8. Yorkshire and the Humber, 1,022, 8. South West, 1,425, 7. East Midlands, 1,150, 7. South East, 1,836, 6. London, 2,652, 4. Wales, 1,065, 4.
Rightmove urges new government to prioritize housing sector as rents outside London rise by 7%, hitting record highs. The property website highlights the need for 120,000 more rental properties to stabilize rent growth to 2% annually. Calls for improvement in planning process, acceleration of housebuilding, and increased rental market supply. High demand with nine applicants per UK property in May.