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Rent in London reaches new high of £2,712 per month

How renting in London became an unimaginable hellscape

Average asking rents across Britain have reached new record highs, with the average outside London at £1,365 per month and in London at £2,712 per month.
Despite these records, the annual growth rate of asking rents is slowing, with outside London at 3.9 per cent and London at 1.9 per cent, marking the lowest annual growth since 2020 for areas outside the capital.
The rental market is showing signs of rebalancing, with an increase in available properties (up 15 per cent year-on-year) and a decrease in tenant demand (down 10 per cent).
Properties are taking longer to be let (25 days on average), and nearly a quarter of rental homes are undergoing price reductions, the highest proportion recorded since 2017.
Over the past five years, the average monthly rent for a new tenant has increased by more than £400, leading to significant financial strain and debt for many renters.