UK Rents Outside London Drop for First Time Since 2019

The modest £3 decrease signals a potential cooling of the rental market, though London rents continue to rise to record levels.

Rightmove data shows the average rent outside London fell by £3 in the last quarter of 2024, marking the first decline in over five years.
Average advertised rents outside London now stand at £1,341 per month, while London rents hit a record high of £2,695 per month.
Annual rent growth slowed to 4.7% nationwide, the lowest rate since 2021, with London seeing a 2.4% annual increase.
The supply of rental properties has increased by 13% compared to last year, while demand from prospective tenants has dropped by 16%.
Experts attribute the shift to a post-pandemic cooling of demand, improved supply, and some tenants transitioning to home purchases due to stabilized mortgage rates.