Average advertised rents for properties outside London have reached a new record of £1,418 per calendar month, according to data from property portal Rightmove. This marks the first time rents outside the capital have surpassed £1,400 per month.
The figures indicate that asking rent prices increased by 1.5% this quarter. However, annual rental growth has moderated to 2.4%, a decrease from the higher rates observed in previous years.
In London, average advertised rents have climbed to £2,825 per calendar month, with annual growth of 3.2%, which is higher than the national rate outside London. The capital is experiencing a more severe supply shortage, with available rental listings down 9% year-on-year.
Nationally, the number of available rental properties has fallen by 2% compared to a year ago, while tenant demand has also declined by 2% over the same period. Colleen Babcock, a property expert at Rightmove, noted that while rents have reached a new record, growth has settled compared to previous years, creating a more balanced market despite affordability challenges.