Average asking rent outside London falls for first time in years — this is how much you pay
Average asking rent outside London falls for first time in years — this is how much you pay
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It is the first time average asking rents have fallen since pre-Covid. Average asking rents outside London have fallen for the first time since before the pandemic, marking a potential shift in the rental market. Rightmove reports a 0.2 per cent quarterly decrease, bringing the average advertised rent down to £1,341 per month.
![[Rental supply has increased most in the north-east of England]](https://static.independent.co.uk/2021/11/16/00/ff1b28fe3fdf4d8889082227440161c0Y29udGVudHNlYXJjaGFwaSwxNjM3MDY0NzIz-2.5827307.jpg)
While this represents a modest £3 drop, it halts a long streak of record-high prices. Though rents remain 4.7 per cent higher than a year ago, this is the slowest growth rate since 2021. Meanwhile, London's rental market continues its upward trajectory, with average advertised rents reaching another record high of £2,695 per month, the 13th consecutive quarterly increase.
But Rightmove said the quarterly increase in monthly asking rents in London was relatively small, at 0.1 per cent or £1. Average rents in London were 2.4 per cent higher than a year ago – the lowest increase since 2021. A rising supply of rental homes to choose from was improving the balance of supply and demand, the website said, although there were still 10 applications being made typically per rental property.
Rightmove said that looking across Britain, rental supply had increased the most in the north-east of England, and least in Wales. Some rental sector demand may have moved across to the house sales market, Rightmove suggested, helped by some mortgage rate reductions and rising wages.
