Rents advertised for tenants outside London have hit a record average of ￡1,316 a month, underlining continuing strains on rental affordability.
Advertised rents outside the capital are now 7 per cent higher than this time last year, according to property site Rightmove. Though this is lower than the 12 per cent rises seen two years ago, it remains far above the 2 per cent average in the years before the pandemic.
Tim Bannister, Rightmove property expert, said those double-digit annual increases in rents had not been sustainable. He added, however, that “while there has been some improvement in the ratio between supply and demand, price growth at more than 7 per cent suggests we are still out of balance”.
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