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Asking rents reach record highs as affordability challenges remain: Rightmove
Rightmove said limited supply kept asking rents climbing, with London up 3.2% annually and average rents outside the capital topping £1,400 for the first time.
- Rightmove reported yesterday that asking rents across Britain hit record highs in the third quarter, with London reaching £2,825 per month and areas outside the capital topping £1,418 for the first time.
- London's record costs reflect a pronounced supply squeeze, with available homes down 9% while renter demand rose 6% annually. Nationally, annual rent growth slowed to 2.4% in the third quarter, down from roughly 10% between 2021 and 2023.
- Mortgage expert Matt Smith of Rightmove noted that subdued buy-to-let investment constrains supply. Hamptons head of research Aneisha Beveridge said landlords are "catching up rather than pushing rents materially beyond the market rate" within existing tenancies.
- Tenants are increasingly discerning, making realistic pricing and high-quality presentation essential for landlords. Kesha Foss-Smith, head of lettings, emphasized that value for money remains critical as renters navigate historically high costs.
- Maintaining a healthy supply of rental homes remains key to supporting long-term market stability. While costs remain at record levels, the frenzied pace of inflation seen in recent years has stabilized, creating a more balanced market overall.
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Average rents outside London hit £1,418: Rightmove
Average advertised rents outside London have risen above £1,400 a month for the first time, the latest figures from Rightmove show. The average asking rent reached a record £1,418 per calendar month in the third quarter, up by 1.5% on the previous quarter and by…
UK rental prices reach new highs as supply falls
Average advertised rents outside London have reached £1,418 per calendar month, marking a new record, according to data from property portal Rightmove. The figures show asking rent prices increased by 1.5% this quarter, though annual rental growth has moderated to 2.4%.
Coverage Details
Total News Sources8
Leaning Left2Leaning Right0Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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