ZOOPLA UK Rental Market Report – December 2023
Executive summary
• The UK is past peak rental growth. We expect annual UK rental
growth to halve over 2024 to 5%, the lowest growth since 2021.
• London will lead the slowdown with rents expected to increase
by just 2% over 2024 as affordability pressures impact demand.
• Demand is weakening slowly off a high base, down 11% year on
year, but still a third higher than the 5-year average.
• There are signs asking rents have overshot in some markets,
evidence of growing resistance to higher rents.
• The supply-demand imbalance in rented housing is not going to
disappear in 2024 but the market will become more into
balanced.
• Rents in regional markets are set to out-perform where
affordability is less of a constraint on rental growth.
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