UK rents climb to record high
Renters outside London now pay an average of £1,291 per month but rate of increase seems to be slowing
The cost of renting privately in Britain has reached a record high, but tenants can take heart from signs that the rate of increase is slowing.
Renters outside London paid an average of £1,291 per month for newly listed properties in the first quarter of 2024, according to data from the property website Rightmove – a year-on-year increase of 8.5%. In "hotspot locations such as Reading and Coventry", rental rates went up by almost 20%, said The Guardian.
London rents "also hit a fresh high", said The Independent, rising 5.3% to reach an average of £2,633.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But the overall pace of rent increases is slowing – a development that would be welcomed by tenants, Rightmove said.
According to the Office for National Statistics, between February 2023 and 2024, the average cost of renting in the UK rose by 9% – the highest since the ONS began compiling rent growth data in 2015.
Rent rises have been blamed "largely on demand greatly outstripping supply", said The Guardian, but have been "exacerbated" by landlords trying to "pass on big increases in their costs caused by higher interest rates".
Despite the record average rents, there are signs emerging that "more landlords are having to reduce their asking rents, particularly for bigger homes, to meet what tenants can afford", said The Independent.
Price reductions have reached a five-year high, with 22% of rental listings reducing their rates, compared to 16% in the same period last year.
The rental market is "no longer at peak boiling point, but it remains at a very hot simmer", said Tim Bannister, Rightmove's director of property science.
Renting a property in the UK remains both difficult and expensive. Letting agents are fielding an average of 13 inquiries per property, Rightmove said. This is down from 19 at this time last year, but still nearly triple the average of five in March 2019.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Rebecca Messina is the deputy editor of The Week's UK digital team. She first joined The Week in 2015 as an editorial assistant, later becoming a staff writer and then deputy news editor, and was also a founding panellist on "The Week Unwrapped" podcast. In 2019, she became digital editor on lifestyle magazines in Bristol, in which role she oversaw the launch of interiors website YourHomeStyle.uk, before returning to The Week in 2024.
-
'Biden's hit a pothole'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Is Marjorie Taylor Greene finished?
Talking Points Marjorie Taylor Greene's effort to oust House Speaker Mike Johnson failed, but it still left many of her fellow Republicans furious
By Harold Maass, The Week US Published
-
Google unveils 'AI overviews' atop search results
Speed Read Users of the search engine in the US will now get AI-generated answers first
By Rafi Schwartz, The Week US Published
-
Georgia erupts in fury as 'Russian law' passes
Speed Read The "foreign influence" bill is reminiscent of legislation Putin previously passed, with the intent to silence critics
By Peter Weber, The Week US Published
-
Maryland primaries tee up competitive Senate race
Speed Read Former Republican governor Larry Hogan will face Democrat Angela Alsobrooks in a bid for US Senate seat
By Peter Weber, The Week US Published
-
Cohen ties Trump directly to hush-money scheme
Speed Read Trump's former lawyer Michael Cohen implicates him in testimony about paying off Stormy Daniels
By Peter Weber, The Week US Published
-
Putin replaces defense minister with economist
Speed Read In a surprising shake-up, Putin replaced Sergei Shoigu with civilian economist Andrei Belousov
By Peter Weber, The Week US Published
-
Blinken: Israel's Gaza tactics risk 'enduring insurgency'
Speed Read The secretary of state criticized Israel's lack of plan to protect Rafah civilians
By Peter Weber, The Week US Published
-
Trump pledged pro-oil policy to CEOs, asked for $1B
Speed Read The former president promised to reverse Biden's environmental regulations if elected
By Peter Weber, The Week US Published
-
Netanyahu vows to 'stand alone' if Biden halts arms
Speed Read The Israeli prime minister responds to President Biden's threat over withholding US weapons
By Rafi Schwartz, The Week US Published
-
RFK Jr. said brain 'worm' caused memory fog
Speed Read The presidential candidate gave an unexpected reason for his past cognitive issues
By Rafi Schwartz, The Week US Published