Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Advertised Rents Break £1,400 Barrier Outside London – Rightmove
Advertised rents outside London have passed £1,400 a month for the first time, according to Rightmove. In the capital, advertised rents have reached a record £2,825.
Rightmove's latest figures put the average asking rent at £1,418, up 1.5% over the quarter. Annual growth stands at 2.4%, compared with increases of around 10% between 2021 and 2023.
The figures, reported by Property118, point to a cooling in the pace of advertised rent growth compared with the sharp increases seen in the early 2020s.
For letting agents and inventory clerks, the headline numbers underline the continued upward pressure on advertised rents in both London and the rest of the UK. The £1,400 milestone outside London and the record £2,825 in the capital reflect the levels now being sought by landlords and agents when marketing rental property.
Source: Property118