Average asking rent reaches record high | Money News

The average advertised private rent on a home in Britain has reached a record £1,397 per month, according to Rightmove.

The property website said the figure was reached during the second quarter of this year. It was 1.9% higher than the previous quarter and 2.3% up on the same period in 2025.

In London specifically, the average ask for monthly rent has climbed to another record of £2,791.

The asking prices appear to be having at least a slight impact on demand. The number of rental homes is 1% down on last year, and they are receiving an average of 10 enquiries each, down from 11.

In London, it’s down further to eight enquiries each. In the North West, it’s 14.

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Rightmove’s Colleen Babcock said the strongest growth in the market was in “more affordable” northern areas.

But Hamptons analyst David Fell said demand could ease further as a result of falling mortgage rates, with monthly payments being pushed below the level of rent some tenants are paying.

It comes after an annual review of the UK’s housing market found tenants are spending more of their income on rent than ever before – on average, 36.1% of their earnings.