Average UK rent revealed amid record high cost of advertised lets
UK rent at all-time high despite surge in number of homes on market
- Rental prices across Britain have reached unprecedented record levels in the third quarter of this year, according to property website Rightmove.
- The average advertised rent outside London now stands at £1,385 per month, a 3.1 per cent increase year-on-year, while London's average hit £2,736, up 1.6 per cent.
- The number of available rental homes is 9 per cent higher than last year but remains 23 per cent lower than pre-pandemic levels in 2019.
- Despite the current supply, it marks the closest the market has been to pre-pandemic availability in four years.
- Property experts attribute landlord hesitancy to invest to sustained high mortgage costs, limited capital growth, shifting tax rules, uncertainty surrounding the Renters’ Rights Bill and the upcoming Budget.