Average private rents in Great Britain have climbed to new record highs, though in some regions there has been a small fall in the amount new tenants are being asked to pay, data shows.
The typical advertised private rent outside London for new properties coming on to the market rose to a record £1,280 a calendar month in the final quarter of 2023. That is £2 higher than the £1,278 figure recorded in the third quarter – a sign that rental growth is slowing. The average advertised rent outside London was 9.2% higher than a year ago but there were early signs that there could be “a better experience for many tenants trying to secure a rental property” this year, according to property agencies.
Annual rental growth in hotspots such as Walton-on-Thames in Surrey, Coventry and Luton is 36.8%, 24.9% and 21% respectively. Other areas reporting growth of at least 20% include Preston in Lancashire, Dundee, and Salford, Greater Manchester.
The trends of property supply improving and tenant demand easing are continuing. The number of people contacting letting agents about a move is 13% lower than the same period last year, while the number of new rental properties coming on to the market is 7% higher.