By In recent years, the rental market has experienced unprecedented activity. There are far more people wishing to move than there are rental properties available, as evidenced by the numerous headlines regarding the high demand for rental properties.
It's not all bad news. The enormous demand we've seen in recent years is beginning to decline, even if the market is still very active. According to Rightmove, the number of properties coming up for sale has increased by 7% since this time last year.
Rightmove's latest rental price tracker shows that even though the average rents have hit a new record, rising to a national monthly average of £1,280, rental price growth is slowing. We’ve seen the lowest quarterly rise in three years, with rents increasing by £2 a month nationally, and by £4 in London (+0.2%).
Rental growth on newly let properties in January 2024
| Average monthly rent | |
| Greater London | £2,315 |
| Inner London | £3,067 |
| Outer London | £2,176 |
| East of England | £1,292 |
| South East | £1,407 |
| South West | £1,156 |
| Midlands | £950 |
North | £885 |
| Wales | £801 |
| Scotland | £916 |
Source: Hamptons
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