‘Tide Turns’ as Rent Inflation Rate Set to Halve in 2024, Index Suggests

The tide has begun to turn in the rental market with the new lets inflation rate set to halve in 2024, according to Zoopla. The property website’s tracker shows that the annual rental growth rate for new lets has dropped to 9.7 percent in December, down from 11.9 percent a year ago. It came after rent prices went up by almost a third in the past three years, owing to “a chronic shortage of supply.” However, the ongoing lack of supply will keep rents rising across the UK, and the pace is projected to be faster than expected wage growth. Zoopla said the prices of new lets have reached the limit of what renters can afford....