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Zoopla UK Rental Market Report – September 2024

Research and Insight September 2024
Top insights
Executive summary
Rental inflation slows to 5.4%, the lowest for almost 3 years (Sep-21)
Supply/demand imbalance supports drawn-out slowdown in rents
Number of homes for rent rising, but still a quarter below 2019 levels
Potential further tax changes will result in more landlords selling
Rental demand is cooling off a high base but is still 2x pre pandemic
Rents slowing fastest in cities led by London, but still rising quickly in towns and rural areas - 6 postal areas with 10%+ rental inflation
It takes almost 3 years for rent rises to feed across the whole market
Rents expected to rise 3-4% over 2024 and supply/demand imbalance to remain into 2025, supporting continued growth in rents
+ 5.4 %

Annual rental inflation for new lets, UK

21 %

Enquiries per rented home - more than double pre pandemic

6

Postal areas registering 10%+ rental inflation

“The unaffordability of home ownership will continue to support strong demand for renting into 2025, and any policy changes that reduce supply will simply push rents higher - hitting low incomes renters hardest. It’s vital that policy makers in Government focus on growing the stock of homes for rent."

Demand supply starting to narrow much further to go
Source: Zoopla Research
Source: Zoopla Research % change - 4 weeks to 25 Aug 2024 compared to the same period in 2023 and 2019