Average private rents in Great Britain have reached new highs, according to data from property website Rightmove. In the third quarter of this year, the typical rent for properties coming onto the market outside London was £1,385 per month, marking a record increase. In London, the average rent climbed to £2,736.
Rightmove reported that this marks the third consecutive quarterly record for advertised rents in 2023. Despite average earnings rising by 5% year-over-year, rental costs now consume 44% of the average wage, up from 40% five years ago. The organization noted that landlords face challenging conditions, influenced by recent increases in stamp duty and the anticipated changes in tax policy. These factors might dissuade some landlords from entering the market, while others may consider exiting due to increased costs.
The rise in rents is attributed to several factors, including high demand for rental properties, the effects of the pandemic on living and working patterns, and buy-to-let landlords passing on increased costs from higher interest rates. Citizens Advice recently analyzed spending data and reported that private renters, particularly single parents, are facing significant challenges related to the cost of living.
Rightmove indicated that the availability of rental homes is currently 9% higher than last year, though it remains 23% below 2019 levels. The speed at which new rental properties are being listed has slowed, now just 1% ahead of this time last year.
Regional variations in rental increases have been observed, with Fulwood in Lancashire experiencing a staggering 32% rise. Other areas with notable increases include Keighley and Frome, both with 27%, as well as Newquay and Gainsborough, with increases of 23% and 22%, respectively. The current market climate reflects a degree of caution among tenants and landlords, leading to a more tempered rental market outlook.
Source: https://www.theguardian.com/money/2025/oct/27/private-rent-britain-record-swallows-average-wage