Rental values increased on an annual basis in May, while activity continued to recover from previous low levels.
LonRes data for May indicated an annual increase of 16.6% in lets agreed and a 28.7% increase in new instructions.
The stock of available rental properties increased on an annual basis, with 23.0% more homes on the market at the end of May than a year earlier.
Average rental values rose by 2.7% on an annual basis in May.
While this was the fastest growth since last August, more generally rental growth over the past three years has been subdued compared to the rapid growth seen from 2021 through to 2023. Current values are 34.5% above their 2017-2019 (pre-pandemic) average.
Data on average discounts confirms that demand is a little weaker than it was in 2023.
Discounts have increased across all three main prime catchment areas compared to 2023 but remain lower than typical pre-pandemic levels.
Average discounts in prime central London are consistently larger than in other areas and were 5.0% in May.
This article is taken from Landlord Today