
New research from Rightmove’s Rental Tracker has shown the slowest rate of growth in private rent prices since 2021. The data showed that rents are still 4.7% higher than this time last year.
Average advertised rents outside London fell for the first time since pre-pandemic 2019 to £1,341 per calendar month (down 0.2% vs the previous quarter). London rents hit a 13th consecutive record at £2,695 per calendar month (0.1% increase vs the previous quarter).
Responding to the data, Richard Lane, Chief Client Officer at StepChange, said “While the overall rate of inflation has fallen closer to the Bank of England’s target, private rental prices have continued to grow at a stubbornly high rate in recent months. A slight fall in rent prices is positive, but we know that the unaffordable cost of renting remains a huge financial burden on households, making it difficult for people to cover other bills, pay off debts or pay into their savings.
“We’re pleased to see the Renters Rights Bill progressing through Parliament, which will end section 21 ‘no fault’ evictions – a long overdue piece of legislation. However, we’ve long called for strengthened protections for private renters facing financial hardship. Our research shows that a significant proportion of private renters are having to rely on credit just to cover their rent, which is unsustainable and will only trap people in a cycle of problem debt.”