Boost for renters as market at best for six years'

"Rent prices are going up much more slowly than before, in good news for millennials, Gen Z-ers and everyone else struggling with housing costs. Amid general gloom about the property market—house prices are falling and mortgage costs are going up—Zoopla says competition to land a rented home is at its lowest for six years."

"The price of rent is going up 1.9 per cent year-on-year, down from 2.8 per cent before, leaving the average monthly rent at 1,319. That is down to an increase in supply of rental properties, though there does seem to be a fresh north-south divide emerging."

"Crucially, wages are rising faster than rental prices. But in London, the rental market remains incredibly tough due to a lack of supply."

Rental market conditions have improved significantly for renters across most of the UK. Annual rent increases have decelerated to 1.9% from the previous 2.8%, with average monthly rent at £1,319. Competition for rental properties has reached its lowest level in six years, with enquiries per property dropping from 6.5 to 4.8. This improvement stems from increased supply of rental properties entering the market. Wage growth is outpacing rental price increases, providing relief for millennials and Gen Z renters. However, a north-south divide is emerging, with London's rental market remaining exceptionally tight due to insufficient supply. Greater market balance has returned to the UK residential sector.

Read at www.independent.co.uk