Record-Breaking Rents in Great Britain: £1,291 Outside London, £2,633 in Capital – Growth Slowing Down
The average rent in Great Britain reached new record highs in Q1 2024, with tenants outside London paying an average of £1,291 per month and £2,633 in London.
Rental growth was particularly high in hotspot areas like Reading and Coventry, with annual increases of almost 20%.
The pace of growth, however, is slowing down according to analysts.
London's annual rent growth has decreased significantly since summer 2022, reaching a peak of 16.1%.
However, regional variations are substantial, with some areas experiencing rent increases over double the national average.
Walton-on-Thames in Surrey led the way with a 34.6% increase, followed by Coventry (19.5%) and Reading (19.1%).
Other areas reporting growth between 17% and 19% include Bootle, Hertford, Southampton, Watford, and Paisley.
Despite new record-high rents for private properties, the overall pace of rent growth is slowing due to affordability concerns for tenants.
Approximately 30% of large, high-end rental properties, such as four-bedroom detached houses and those with five or more bedrooms, had their advertised rents reduced during the latest market analysis.
This is the highest percentage recorded at this time of year in the past 12 months, indicating that landlords are lowering rents to meet local affordability levels.
The pace of growth, however, is slowing down according to analysts.
London's annual rent growth has decreased significantly since summer 2022, reaching a peak of 16.1%.
However, regional variations are substantial, with some areas experiencing rent increases over double the national average.
Walton-on-Thames in Surrey led the way with a 34.6% increase, followed by Coventry (19.5%) and Reading (19.1%).
Other areas reporting growth between 17% and 19% include Bootle, Hertford, Southampton, Watford, and Paisley.
Despite new record-high rents for private properties, the overall pace of rent growth is slowing due to affordability concerns for tenants.
Approximately 30% of large, high-end rental properties, such as four-bedroom detached houses and those with five or more bedrooms, had their advertised rents reduced during the latest market analysis.
This is the highest percentage recorded at this time of year in the past 12 months, indicating that landlords are lowering rents to meet local affordability levels.
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