Average advertised rents outside London rose above £1,400 a month for the first time, reaching a record £1,418 in Q3, according to Rightmove. In London, average rents hit an all-time high of £2,825 a month, up 3.2% year on year. Rent growth outside London slowed to 2.4% in Q3, from about 10% a year between 2021 and 2023, while available rental stock and tenant demand both fell 2%. In London, available rental homes dropped 9% while renter demand rose 6%. Elevated mortgage rates are deterring landlords, and some are raising rents on existing tenancies to close the gap with market levels.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Mapped : Average London rent hits nearly 3k as asking prices soar across united kingdom
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