Advertised rents reach new record highs, says Rightmove

The average rental prices being advertised reached a new record high in the third quarter of this year, according to a property website.

Across Britain, excluding London, the average monthly advertised rent reached a new record of £1,385, Rightmove said.

Average rents outside of London were 3.1% higher than a year ago.

The typical rent being advertised for a home in London also reached a new high, of £2,736. Advertised rents in London were 1.6% higher than a year earlier.

The number of available homes to rent is 9% higher than a year ago but 23% lower than six years ago, back in 2019, Rightmove said.

Despite the dip compared with 2019, it is the closest the market has been to pre-pandemic levels of available supply for four years, the website added.

Colleen Babcock, a property expert at Rightmove, said: “Sustained high mortgage costs mean landlords need to make sure purchases are viable and uncertainty around legislation like the Renters’ Rights Bill and what may or may not be in the upcoming autumn Budget isn’t helpful when looking to make financial investments.”

Daniel Fisher, head of lettings at John D Wood & Co said: “Many landlords are hesitant to invest amid limited capital growth, shifting tax rules and ongoing uncertainty around the Renters’ Rights Bill and the Budget.

“The result is a slower, more cautious market that’s likely to remain uneven over the next year or so – though this also presents opportunities for well-capitalised landlords to expand as others exit, and for tenants to benefit from a wider choice of homes.”