UK Rental Market Hits New Highs Despite Slowing Growth

As rental prices reach record levels across the UK, signs emerge of a slowing pace in rent increases and more landlords reducing prices.

Average rents in London now stand at £2,633, marking a 5.3% increase from last year, while rents outside London have risen to £1,291.
Rental growth in hotspots like Reading and Coventry is nearly 20%, with some areas experiencing reductions in asking prices.
Rightmove reports nearly 50,000 rental properties are needed to match pre-pandemic supply levels, highlighting a persistent shortage.
Landlords are increasingly reducing rents for larger properties due to affordability pressures, with a third of top-tier homes seeing price cuts.
Despite a slight improvement in the number of available rental properties, the market remains tight, especially for smaller homes in high demand.