AVERAGE UK RENTS HIT RECORD WITH £2,500 IN LONDON Property Shortage puts pressure on the rent price
Average rents for properties across Britain have hit a new record high, according to data from a property website showing a record £2,500 per month in London.
Rightmove said the average rent being asked outside the capital topped £1,190 per month for the first time during the first three months of the year.
It completed, the company said, a rise in rents outside London during every quarter since the end of 2019.
The main reason why rental costs have climbed so steeply has been demand outstripping the supply of available properties.
This was exacerbated last September when the financial market chaos that followed the Liz Truss government’s mini-budget prompted a temporary spike in mortgage costs.
The fallout has contributed to a sharp easing in annual house price growth.
Agents and landlords have been inundated with enquiries while some have been able to lock in longer, more lucrative tenancy agreements of up to three years due to the high demand.
