The average monthly rent being asked outside London has hit a record high of £1,316, according to a property website.
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 four percent higher than a year earlier, the website said.
Rightmove said the pace of growth in rental prices has eased from its peak of 12 percent two years ago but it remains significantly higher than the “more normal” level of around two percent 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.
Tim Bannister, a property expert at Rightmove, said: “We’ve been talking about the imbalance between supply and demand in the rental market for a long time now, so it’s easy to forget that there was a time before the pandemic where rental price growth was more stable.”
Nathan Emerson, CEO of Propertymark, a body for property professionals, commented: “Propertymark has long argued that the private rental sector needs more houses to stabilise rental prices but there is a myriad of other factors that can contribute towards making the market more attractive for both investors and tenants.”
He added: “Whilst we support a greater supply of houses, there has to be a sensible deliverable programme mindful of protecting the green belt wherever possible.”
Here are the average advertised rents and the annual increase, according to Rightmove:
North East, £894, 11 percent.
West Midlands, £1,180, 10 percent.
Scotland, £1,067, nine percent.
East of England, £1,597, eight percent.
North West, £1,146, eight percent.
Yorkshire and the Humber, £1,022, eight percent.
South West, £1,425, seven percent.
East Midlands, £1,150, seven percent.
South East, £1,836, six percent.
London, £2,652, four percent.
Wales, £1,065, four percent.
And here are the areas of Britain with the biggest imbalances between supply and demand, as indicated by Rightmove’s data:
1. Scotland.
2. North West.
3. South West.
4. North East.
5. West Midlands.
6. Wales.
7. Yorkshire and the Humber.
8. East of England.
9. East Midlands.
10. South East.
11. London.
