Rental costs on the rise

Record high costs as tenants pay £400 more per month than five years ago

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Asking rents across Britain have reached new record highs, according to an index.

The average rent being asked across Britain, excluding London, has reached a record £1,365 per month, according to figures from Rightmove covering the second quarter of this year.

Despite reaching a new record, the average asking rent for a home outside of London is now 3.9% higher than this time last year, the lowest this annual growth figure has been since 2020.

In London, the average advertised rent has also reached a new high, at £2,712 per month.

Average advertised rents for new properties in London rose by 1.9% annually.

Rightmove, which used data from its website, said that it is taking an average of 25 days for a rental home to be marked "let agreed", up from 21 days last year and 18 days in 2022.