Private rents in Great Britain hit record high, data shows

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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.

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26 Jan 2024

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, according to the property website Rightmove. 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, Rightmove said.

The seemingly relentless rise in rental costs has been adding to pressure on households, though the website said there was evidence that more tenants were hitting an “affordability ceiling”, with an increasing number of landlords having to lower asking prices.

The average London rent also reached a new high of £2,631, though