Residential rents rise to record highs, but pace slows

Residential rents outside London have reached record levels, rising to an average of £1,280 per month in the last quarter of 2023. Demand was also up, with agents typically receiving 11 enquiries per available property, according to Rightmove. However, a survey by the property website found that the 0.2% quarterly rise was the smallest jump since 2019, indicating that the pace of rent rises is slowing. There are also signs that more tenants are reaching the limits of what they can pay, with nearly a quarter of rental properties needing a reduction in advertised rent, compared with 16% a year earlier. The Times (£)The Guardian