Home > News > UK Monthly Rents Soar: London at £2.5K.

UK Monthly Rents Soar: London at £2.5K.

According to Rightmove, the average monthly rent outside London hit a record high of £1,190 in Q1 of 2023, while tenants in the capital paid more than £2,500 for the first time.

The national average asking rents outside London have been rising for 13 consecutive quarters since 2019-end, although the growth pace has slowed in the last nine months. The average asking rent in London hit a record high of £2,501 per month in Q1 2023, up 0.9% compared to the previous three months. However, this is the smallest increase in two years.

Rightmove said the supply of rental properties on the market has been “constrained.” Still, there are signs of improvement this year, with the overall number of properties available 6% higher than near-record lows recorded in Q1 2022. The analysis of properties listed on the website shows that the number of rental homes on the market is still 46% below the level in 2019.

The imbalance between supply and demand has increased competition among tenants, with the number of inquiries per property 173% higher in Q1 2023 than in the same period in 2019. However, it has eased by 2% since the same three months last year. Demand was 4% higher in Q1 2023 than a year earlier and 48% higher than in the first quarter of 2019.

Rightmove Director Tim Bannister said that the company has seen early signs of improvement on squeezed supply levels this year. Still, with no significant influx of new properties becoming available to rent on the horizon, the mismatch is set to continue for some time.

Bannister also noted that many agents are having to manage a high volume of tenant inquiries for every property that they let in the current market, and properties in popular areas within an affordable asking rent range of that local area are likely to be snapped up almost immediately. On average, homes are finding a tenant much more quickly than this time in 2019.

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