The Newshound

Average rent outside London tops £1,400 a month for the FIRST TIME as capital hits nearly £2,825

Rents outside London have hit a record £1,418 a month, with London even harder squeezed as high mortgage rates keep would-be landlords from entering the market.
Rents outside London have hit a record £1,418 a month, with London even harder squeezed as high mortgage rates keep would-be landlords from entering the market.

Renters across Britain are facing record asking rents, with the average monthly cost outside London breaking through £1,400 for the first time, Rightmove figures show. London has hit an all-time high of £2,825 per calendar month, driven by a supply crunch so severe that available properties in the capital are down 9% year-on-year while demand has risen 6%.

Rightmove property expert Colleen Babcock warned that 'affordability remains a challenge for many renters' despite rental growth cooling to 2.4% annually, down from around 10% between 2021 and 2023.

London's supply squeeze is far worse than elsewhere in Britain, where available stock has edged down just 2% compared with twelve months earlier and tenant demand has similarly slipped by 2%.

High mortgage rates are putting landlords off new investment, Rightmove says, compounding the supply shortage and sustaining upward pressure on rents nationwide.

MoreThe IndependentMapped: Average London rent hits nearly 3k as asking prices soar across UKLBCAsking rents reach record highs as affordability challenges remain, Rightmove saysThe IndependentAsking rents reach record highs as affordability challenges remainThe IndependentMapped: Areas with highest rent costs revealed as asking prices hit record peakEvening StandardAsking rents reach record highs as affordability challenges remain – RightmoveEvening StandardAverage asking rent in London reaches new record high as supply fallsCity A.M.London listings fall to lowest levels since 2023
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