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Severe Shortage of Rental Homes in London



Property owners, real estate agents and real estate professionals have mentioned the trend of scrambled rooms since this spring when students and workers returned to the city after the pandemic. This increase in demand has posed the risk of a sharp drop in housing supply.  

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Property owners, real estate agents and real estate professionals have mentioned the trend of scrambled rooms since this spring when students and workers returned to the city after the pandemic. This increase in demand has posed the risk of a sharp drop in housing supply.  

Data from Rightmove, the UK's online real estate portal, shows that the number of rental homes available in London fell by almost a quarter between July and September compared with the same period in 2021.  However, rental home prices have skyrocketed to all-time highs.

Severe Shortage of Rental Homes in London

According to data from SpareRoom, Britain's largest roommate search website, the average monthly rent, including the bill for a room in a shared house or flat, were all at $1,109 in October, expected to increase 17% from pre-pandemic levels. 

Although demand has softened slightly since September, home rental prices are still above average level in the summer when the housing market is at its peak.

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Tenants across the UK are trying hard to get a room to live in. In a SpareRoom survey of UK tenants in September, one in five respondents said they had to pay rent several months in advance for a deposit, while another fifth said that they had to pay more than the asking price to get the room.

Inflation is high and real estate rental business is not as profitable as before. Many property owners decided to sell partly of their real estates, taking advantage of the sharp increase in real estate prices this year Cause of exacerbation of the supply crisis is that many tenants have decided to stay and renew their existing leases.  London rents may have cooled after an unprecedented explosive spike in the summer.  However, the ongoing rental home supply shortage means that the next price hike is happening. Therefore, the pressure to rising rents will continue.

Severe Shortage of Rental Homes in London

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