Rents rise to record levels

Private rents in Britain are rising at their fastest rate on record. The average advertised rent outside London is 9.9% higher than a year ago, according to Rightmove. Meanwhile, London rents have hit a new record and are higher now than before the start of the pandemic after a bounceback in demand fuelled by the gradual return to the workplace and more overseas students looking for a place to live. The average advertised asking rent outside London is £1,068 a calendar month, while in London it is £2,142. Tenant demand is 32% higher than this time last year, but the number of available properties is 51% lower, said the website. Rightmove also named a number of “rental hotspots” that had seen typical rents increase by between 14% and 20% in a year. They include three Kent coastal towns – Ramsgate, Chatham and Folkestone – and locations such as Ascot in Berkshire and Bridgwater in Somerset. The website is predicting a further 5% increase in average asking rents this year.

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