UK average rental prices have continued to rise, reaching record highs both within and outside of London.
According to the latest quarterly data from Rightmove, the average advertised rent of homes outside of London has reached £1,365 per month, a new record high.
Rent prices in London have also continued to grow, with the average advertised rent now reaching £2,712 – a 15th consecutive record high.
The increase in average advertised rent since the pandemic in 2020 is 44%, significantly higher than the 36% increase in average earnings over the same five years.
While rent continues to grow, the pace of growth has slowed, with the market reaching the best balance between supply and demand in five years.
Rightmove said the number of available properties to rent is now 15% higher than at this time last year, and the number of prospective tenants looking to move is 10% lower.
The average number of enquiries per rental property is now 11, which shows that competition between tenants is easing as supply increases.
Rightmove said that homes are now taking longer to let, which means they are likely to be reduced in price as tenant choice increases.
It added that 24% of rental homes now see a reduction in price during advertising, the highest this figure has been since 2017.
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