The average asking rent for properties both inside and outside of London have hit a new record high, according to a property website.
Data from Rightmove shows tenants outside of London are being asked to pay an average £1,231 per month, with properties inside London reaching a record of £2,567.
For the second quarter of 2023, rent outside the capital has increased by £308 (33%) from the same period in 2019, where the average price per month was £923.
Similarly, London asking rents have increased by £559 (28%) in four years.
The asking rent of a property is the price listed by the landlord.
“Average asking rents for new tenants have risen at a rapid pace since the pandemic, reflecting the significant increase in demand,” Rightmove’s director of property science Tim Bannister said.
He said demand is being driven by a change in housing needs, such as space to work from home.
In addition to rent increases, the average time it takes to find a tenant is 17 days, the quickest time recorded in Rightmove data since November 2022.
There are also less rental properties on the market, as landlords sell up.
Please use Chrome browser for a more accessible video player
What is happening to mortgage rates?
Read more:
Flooding forces residents out of flat
Government accused of ‘pathetic’ answers on no-fault evictions
Lisa Nandy rejects rent controls as ‘sticking plaster’ solution
Around 16% of properties currently for sale were previously available on the rental market, up from 13% in January 2019, Rightmove said.
“Some highly leveraged landlords are considering selling due to interest rate rises, but we find most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction,” Allison Thompson, national lettings managing director of Leaders Romans Group said.