Tenants flee cities as high rents push them to outer areas

A severe shortage of properties to rent, fierce competition to secure the homes that are available, and rising rental prices led more renters to explore new areas outside of cities.

That’s according to Rightmove, which says that across 10 major cities it has seen 54 per cent of renters looking to move outside of the city they lived in rather than within it in 2023, compared to 51 per cent in 2022.

In terms of searches online, renters are most concerned about searching for a home that allows pets and whether the home comes will bills included. Their other top priorities were whether the rental home comes furnished, has a garden, or has a garage. 

 On the sales side, Sandbanks in Dorset is this year’s price hotspot.

Overall, national average asking prices at the end of 2023 were 1.1 per cent lower than at the same time in the previous year. However, with Great Britain being made up of thousands of different local markets, with different dynamics of supply and demand, some areas saw an increase in asking prices.

Sandbanks in Poole, Dorset is 2023’s price hotspot, with average asking prices increasing by 20 per cent compared to 2022, from £1,586,349 to £1,909,943.

Tim Bannister, Rightmove’s property expert, says: “Even in the more muted market of 2023, many areas across Great Britain saw an increase in asking prices last year. Many traditionally popular areas maintained their allure amongst buyers, whilst cheaper areas were also high on the list for buyers last year with affordability stretched.

“Whilst a garden, garage and more land remain high priorities for those searching for a move, we also know from our research that more intangible factors are key to home-hunters when deciding on a move. A strong sense of community, friendly neighbours and an area people can feel happy in are some of the most important things movers are looking for.”