Overview
- Zoopla reports 4.8 enquiries per listing in February, the lowest February level since 2020 and down from 6.5 a year earlier.
- Tenant demand fell about 14% year on year while available rental stock rose around 11%, pushing the average new-let rent to £1,319.
- Properties are taking longer to let, averaging about 20 days versus a 13-day peak in 2022, giving renters more choice and negotiating room.
- Growth is strongest in more affordable northern markets such as Liverpool and Newcastle, with London and several southern or midland cities seeing much weaker gains or small declines.
- Supply remains well below pre-pandemic levels and analysts warn landlord sales and the Renters’ Rights Act taking effect in May could tighten stock again, even as migration slows and more first-time buyers exit renting.