The UK rental market is busier than ever driven by a shortage of properties, rising rents and extreme competition. Average rent costs outside of London have now hit an all-time high of £1,126 per month which has risen by 11.8 per month compared to last year, according to Rightmove.
This increase in rent costs means that rents outside of London are rising at the highest annual rate Rightmove has ever recorded in 16 years, with prices now 19 per cent higher than when the pandemic started two years ago.
Rent costs in London have also continued to rise as the capital city reached a new record of £2,257 per calendar month in June 2022. Annual growth in rents in London is now at 15.8%, the fastest ever rate of any region.
