Average private rents in Great Britain fall for first time since 2019
Average private rents in Great Britain fall for first time since 2019
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Typical advertised rent outside London dipped £3 to £1,341 a month in final quarter of 2024, says Rightmove. Average private rents in Great Britain have fallen for the first time since before the pandemic, with an improvement in the supply of properties helping to cool a “ferociously hot” rental market.
After several years of seemingly relentless rises, with fresh records being hit every three months, the typical advertised rent outside London slipped back in the final three months of 2024 to £1,341 a month – the first decline since 2019. The figures from the property website Rightmove represent a sliver of good news for tenants, many of whom have had to grapple with sizeable increases to their housing costs during the cost of living crisis.
The new average monthly figure, outside London, equates to a drop of £3 compared with the previous quarter, and typical rents are 4.7% higher than a year earlier. Nevertheless, Rightmove claimed this fall was “a key milestone” after a succession of inflation-busting increases, with annual rent growth peaking at 12% in 2022.
But there was no respite for those renting in the capital: average rents in London continued to rise, reaching a record £2,695 a month, which may be linked to an increase in the number of landlords choosing to sell up and leave the sector. Rents have risen in recent years as the pandemic, and its fallout, triggered surge in the number of people wanting to relocate for work or lifestyle reasons, leading to more intense competition for a place to live in many areas.
