Average UK rent revealed amid record high cost of advertised lets

Rental prices across the UK have risen to unprecedented levels, setting new records in the third quarter of this year, according to a leading property website.

The average advertised rental price across Britain, excluding London, now stands at a record high of £1,385 per month. This represents an increase of 3.1 per cent compared to the same period last year, according to Rightmove’s report.

Meanwhile, advertised rent in London has reached a new peak of £2,736, up 1.6 per cent year on year.

The number of homes available to rent is 9% higher than a year ago, but 23% lower than six years ago (2019), Rightmove said.

Despite the decline compared to 2019, this is the closest the market has been to current pre-pandemic supply levels in four years, the website added.

Rightmove property expert Colleen Babcock said: “Persistently high mortgage costs mean landlords need to make sure purchases are viable, and uncertainty around legislation such as the Tenants Bill of Rights and what may or may not be in the budget next autumn doesn’t help when making financial investments.”

Daniel Fisher, lettings director at John D Wood & Co, said: “Many landlords are hesitant to invest due to limited capital growth, changing tax rules and ongoing uncertainty over the Tenants Bill of Rights and Budget.

“The result is a slower, more cautious market that is likely to remain unstable over the next year – but it also presents opportunities for well-capitalised landlords to expand as others emerge and take advantage of a wider range of home options for tenants.”