Average rents outside of London hit £1,300 for first time

Rents outside the capital have risen by 7% Credit: PA

Average rents outside of London have hit a record high of £1,316, according to Rightmove analysis.

The new record across Britain, excluding London, means that average advertised rents outside London are around 7% higher than a year earlier, according to Rightmove’s analysis covering the month of May.

In London, the average advertised rent is £2,652 per month, which is 4% higher than a year earlier, the website said.

With the General Election taking place on Thursday, Rightmove said the next government should accelerate housebuilding and incentivise landlords to invest in more homes for tenants, “to improve the supply and demand imbalance in the rental market and stabilise yearly rent growth”.

Renters 'failed' by government after reform Bill scrapped, campaigners say
The housing crisis has been a big topic of the election. Credit: PA

Rightmove said the pace of growth in rental prices has eased from its peak of 12% two years ago but it remains significantly higher than the “more normal” level of around 2% per year seen before the coronavirus pandemic.

It added that an improvement in the balance between supply and demand in London has contributed to a slowing of rental price growth.

By contrast, Scotland is currently the hardest hit by supply and demand imbalances, Rightmove said.

Here are the average advertised rents and the annual increase, according to Rightmove:

  • North East, £894, 11%

  • West Midlands, £1,180, 10%

  • Scotland, £1,067, 9%

  • East of England, £1,597, 8%

  • North West, £1,146, 8%

  • Yorkshire and the Humber, £1,022, 8%

  • South West, £1,425, 7%

  • East Midlands, £1,150, 7%

  • South East, £1,836, 6%

  • London, £2,652, 4%

  • Wales, £1,065, 4%

Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To Know…