Average rent hits record highs across Britain excluding London

Summarised from 2 outlets · Updated 15 Oct, 00:20 · Archive

Average advertised rents have reached record peaks, with £1,418 per month outside London and £2,825 in the capital.

Asking rents have reached new record highs across Britain, according to Rightmove data. The average advertised monthly rent outside London has surpassed £1,400 for the first time, reaching £1,418 in the third quarter of this year. In London, the average asking rent has hit £2,825 per month.

The faster rental growth in London appears to be driven by a sharper supply squeeze. Available homes to rent in the capital are down 9% compared with a year ago, whilst renter demand has increased by 6%. Outside London, the supply of available rental homes has fallen by 2% annually, matching a 2% drop in tenant demand.

Colleen Babcock, a property expert at Rightmove, said: "Average rents have reached another new record and have now surpassed £1,400 per month outside London for the first time." She noted that whilst supply remains constrained and continues to put upward pressure on rents, "demand is also more measured," creating "a more balanced market overall, even though affordability remains a challenge for many renters."

Rental price growth has cooled considerably from recent peaks. Annual rent growth outside London stood at 2.4% in Q3, down from around 10% per year between 2021 and 2023. In London, annual growth stands at 3.2%. Elevated mortgage rates continue to make property investment less attractive for prospective landlords, Rightmove said.

How it is being reported

• Average asking rent in London reaches new record high of £2,825 as supply fallsThe number of available homes to rent in London is down by 9% compared with a year ago, while renter demand has increased by 6%, according to RightmoveEvening Standard · 15 Oct, 00:02
• Mapped: Areas with highest rent costs revealed as asking prices hit record peakThe average monthly private advertised rent across Britain, excluding London, has topped £1,400 for the first time, Rightmove saidThe Independent · 15 Oct, 00:01

In this story: Rightmove · London · Britain · Colleen Babcock

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