UK rental prices hit new peak

Average private rents in Great Britain have reached record highs, with tenants being asked to pay more than 25% in a year. According to Rightmove, the average advertised private rent outside London reached £1,385 a calendar month in the third quarter of this year, while the average London rent reached £2,736. This is the third consecutive quarterly record for advertised rents this year, indicating affordability for would-be tenants remains stretched. The cost of renting is swallowing up 44% of the average wage, up from 40% five years ago. Landlords are facing challenges due to rising rents, the pandemic, and higher interest rates. The number of homes available to rent is 9% higher than last year, but still 23% below 2019.

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