Average rent across the UK reaches record high

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. As well as a higher proportion of asking rent reductions, Rightmove also said there were signs of some landlords selling up, with 18% of homes for sale being previously available to rent, up from 8% in 2010. open image in gallery The average rent advertised for London properties also reached a new record of £2,694 per month Rightmove’s director of property science Tim Bannister said: “While we’re seeing some signs of improvement in the market’s chronic levels of demand and supply imbalance helped by a slight increase in the number of available rental properties, affordability remains a key challenge for renters as prices continue to hit new records. “Tenant competition has eased slightly from last year, but the market is still far from balanced.” Nathan Emerson, chief executive of property professionals’ body Propertymark, said: “Landlords have faced continuous financial and regulatory hurdles with many having to pass on certain costs by raising rents just to break even on their increasing expenditure.” The news comes as Home buyers have been told they could save nearly £50,000 on average by purchasing a property in a new town, compared with house prices generally. With its “magic roundabout” and handy commuting distance to London, Hemel Hempstead in the South East of England has experienced a 520% jump in the average house price, from £70,502 to £436,986. Peterborough, East of England, £51,838, £292,103, 463% – And here are the top 10 new towns with the biggest discount to regional property price in 2024, according to Halifax, with the regional average house price followed by the new town average house price and the typical percentage “discount” for people buying in a new town: 1.