Average asking rent outside London falls £3 - the first decrease since 2019
Average asking rent outside London falls £3 - the first decrease since 2019
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The average asking price for a home to rent outside London has seen a decrease for the first time since before the coronavirus pandemic, according to Rightmove. The average advertised rent in Britain, excluding London, fell by 0.2% to £1,341 per calendar month in the fourth quarter of 2024 compared to the previous quarter. This is the first quarterly decrease recorded since 2019 and while it equates to a drop of just £3 in newly advertised monthly rents, it brings an end to many months of prices reaching new record highs, said Rightmove. Rents are still 4.7% higher than a year earlier, but this is the slowest rate of growth since 2021, according to the website.
In contrast, average advertised rents in London continued to rise, reaching a 13th quarterly record in a row of £2,695 per calendar month. However, Rightmove noted that the quarterly increase in monthly asking rents in London was relatively small, at 0.1% or £1.
Average rents in London were 2.4% higher than a year ago – the lowest increase since 2021. The website stated that a rising supply of rental homes to choose from was improving the balance of supply and demand, although there were still typically 10 applications being made per rental property.
Looking across Britain, rental supply had increased the most in the north-east of England, and least in Wales, according to Rightmove. The website suggested that some rental sector demand may have moved across to the house sales market, helped by some mortgage rate reductions and rising wages.
