Rents Reach Record Highs as Demand Continues to Outstrip Supply

An average property now attracts around 25 enquiries, more than triple the number before the COVID-19 pandemic.

Estate agents To Let and For Sale signs in Islington, north London, on Aug. 12, 2023. (Yui Mok/PA))

Rents in Britain have reached record highs during the third quarter despite some increase in supply, according to a rental market tracker.

According to property website Rightmove’s quarterly Rental Trends Tracker, the average asking rents for new tenants outside London reached a record £1,278 per calendar month (pcm) in September.