Average property rents across Britain have reached a new record high, according to data from a property website showing a record £2,500 a month in London.
Rightmove said the average rent demand outside the capital topped £1,190 per month for the first time during the first three months of the year.
The company said it has completed an increase in rents outside London in every quarter since the end of 2019.
The main reason behind the sharp rise in rental costs is that demand outstrips the supply of available properties.
This was exacerbated last September when the financial market turmoil that followed Les Truss’s mini-budget led to a temporary spike in mortgage costs.
The fallout contributed to an acute crisis Reduce the annual growth of house prices.
Agents and landlords were inundated with inquiries while some were able to secure longer and more profitable leases of up to three years due to high demand.
Rightmove said the biggest imbalance between supply and demand was in the terraced homes sector.
But, she added, there was evidence that the pace of rent growth was slowing due to the increase in the number of rental homes that became available this spring.
The site’s director of property science, Tim Bannister, said: “We’ve seen some early signs of improvement in dwindling levels of supply this year, although there isn’t a significant influx of new properties becoming available to rent on the horizon currently, the mismatch is set to continue for some time.” the time.
Many agents have to manage too many tenant inquiries for every property they let into the current market.
“Properties in popular areas within the affordable rental range of that local area are likely to be snapped up almost immediately, and on average homes find a renter much more quickly than this time in 2019.”