The average rent being asked in London has risen to a new record of of £2,661, up from £2,567 a year earlier — a rise of four per cent.Advertised rents outside London have also risen seven per cent to hit a new record of £1,314 per month, with each property typically receiving 17 inquiries from prospective tenants, according to a website.
A year ago, the average monthly advertised rent across Britain, excluding London, was £1,231, Rightmove said.
Despite overall rental supply slowly improving from last year, the number of available properties is still below pre-coronavirus pandemic levels, Rightmove said.
Its latest rental figures cover the second quarter of 2024.
We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market
Enquiries are down down from 26 per property last year, with tenant demand down 16 per cent while the number of available properties has risen 14 per cent. Yet rents continue to rise. Rightmove’s director of property science Tim Bannister said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.
“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.
“Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”
New research from the Adam Smith Institute found London renters must work 197 days of the year on average to pay their landlord before they can start saving for themselves.
Richard Lane, chief client officer at debt help charity StepChange, said: “Our research shows that many tenants’ financial situations are becoming increasingly precarious – one in three private renters has used credit to afford their rent in the past year, while one in two private renters is finding it difficult to keep up with bills and credit commitments.”
He added: “For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt.”
