The North West accounts for six of Britain’s 10 most competitive rental markets, with available homes in parts of Merseyside attracting 30 enquiries each.
Wallasey and Birkenhead on the Wirral jointly top Rightmove’s ranking for July and August, with an average of 30 enquiries for every available rental property.
Carlisle follows with 29 enquiries, while Glasgow and East Kilbride record 28 and 27 respectively.
Three of the six most competitive locations are on the Wirral, highlighting the intensity of tenant demand in parts of the North West despite rental competition easing nationally.
COMPETITION EASES
Across Great Britain, an available rental property attracted an average of 11 enquiries during July and August.
That is down from 12 during the same period last year and substantially below the 28 enquiries recorded at the market’s 2022 peak.
However, competition remains above the pre-pandemic summer average of eight enquiries per available property.
Rightmove measures an enquiry as a prospective tenant phoning or emailing a letting agent to request a viewing and analysed 1,000 locations across Great Britain.
Scotland records the highest regional competition at 19 enquiries per available home, followed by the North West at 16.
London, the South East and East Midlands are among the least competitive regions, each recording an average of nine enquiries per available property.
RENTAL HOTSPOTS
Average advertised rents nationally stand at a record £1,580 per month, although Rightmove says the pace of rental growth has continued to slow as supply improves and tenants gain more choice.
Among the most competitive locations, average rents range from £874 per month in Birkenhead (over the water from Liverpool (main picture)) and £887 in Morecambe to £1,610 in Chorlton-cum-Hardy.
Colleen Babcock (main picture, inset), Rightmove’s Property Expert, says: “While rental supply has rebalanced compared with previous years, there are still locations where each available home attracts high numbers of enquiries from prospective tenants.
“The North West features particularly prominently in our findings, accounting for six of the ten most competitive locations, while Scotland recorded the highest average level of competition anywhere in Great Britain.”
She adds: “For renters, the findings are a reminder that competition can still be strong in many areas, despite the improvement in supply in recent years.”
AFFORDABILITY AND INCREASED FLEXIBILITY
Kim Ledbury, ARLA Propertymark President, says: “Considering rental costs have increased substantially over the last decade, many tenants are now looking at areas of greater affordability than ever before, particularly as advancing technology makes it easier for people to work remotely or in hybrid locations without having to locate themselves in or near larger towns and cities.
“For many, this increased flexibility means that living further away from traditional employment centres can provide an opportunity to manage housing costs while still maintaining access to employment.
“Renting has become increasingly popular for many because of the flexibility it can offer and of course, the real-world challenges many people currently face when trying to save a deposit to potentially buy a home.
“For those who are not yet in a position to purchase, renting can provide an important degree of choice and flexibility while they consider their longer-term housing options.”
