Average monthly rents outside London soared to a record high of £1,190 in the first quarter of this year, with tenants in the capital paying more than £2,500 for the first time, according to figures from the property website Rightmove.
National average asking rents outside London have risen for 13 consecutive quarters since the end of 2019, although the pace of growth has slowed over the last nine months, it said.
In London, average asking rents hit a record of £2,501 a month in the first three months of this year. However, the rate at which they rose slowed, up 0.9% compared with the previous three months – the smallest increase in two years.
Rightmove said the supply of rental properties coming on to the market remained “constrained” but was showing signs of improvement this year, with the overall number available 6% higher than the near-record lows recorded in the first quarter of 2022.
However, the number of rental homes on the market remained 46% below 2019’s level, according to analysis of properties listed on the website. Read more from the Guardian >