Typical private rent prices in the UK have yet again climbed to a new record high, data from property website Rightmove revealed on Friday.
Outside of London, an average of £1,280 a month was charged in rent for properties coming to market over the final quarter of 2023.
This was up by 9.2% on a year earlier, but just £2 on the previous quarter’s £1,278, with the 0.2% rise marking the slowest quarterly jump since 2019.
London’s advertised rent prices also climbed to a new high of £2,631 over the quarter, rising again by 0.2% on the previous period.
Annual growth of 6.1% marked the first single-digit growth in London’s rent prices since 2021, Rightmove said.
Some 23% of rental properties across the country reduced advertised prices over the third quarter, meanwhile, compared to 16% a year earlier, suggesting the limit of what tenants could afford was approaching.
“The trend of rent growth gradually slowing continues, with an improvement in the supply and demand of rental properties having a big contribution to that,” Rightmove director Tim Bannister said.
“We can’t keep seeing double-digit rent rises every year as tenant affordability simply cannot keep up.”
Bannister added that Rightmove was anticipating a 5% jump in London’s advertised rent prices over 2024, falling to a 3% rise outside of the capital.