Bad news: it has fallen by £3
The good news is average private rents in Great Britain have fallen for the first time since 2019. The bad news? They’ve fallen by precisely £3.
New figures from Rightmove show that the average rent outside London dropped to £1,341 a month in the final three months of 2024, equating to a drop of £3 compared to the previous quarter.
Just think what you could do with the money you’re now saving – you could buy two Greggs sausage rolls (and have 10p left over – lucky you!), or 81 per cent of a cup of coffee! But why stop there? Why not set your sights much higher with such a windfall? Think about it: you could amass enough for a house deposit if you save your monthly £3 for 958 years!
If you’re in London, however, the situation is even more bleak (no sausage rolls or half-empty coffees for you). Sadly, average rents have continued to rise in the capital, reaching a record £2,695 a month.
Still, Rightmove has claimed the paltry £3 fall is a “key milestone” which could herald the easing of the housing crisis, with rents now rising at a slower rate compared to previous years. At one point in 2022, rents were rising at a rate of 12 per cent year-on-year – by contrast they rose by nine per cent in the 12 months to December 2024.
There are also signs demand for rental properties is falling while supply is rising: the number of available homes for rent was 13 per cent higher than this time last year, while at the same time, the number of prospective tenants contacting letting agents about a move was 16 per cent lower.
It’s worth noting, though, that we don’t actually have to contend with the whims of the market like this – if the government introduced rent controls, we could ensure that private renters always have access to affordable housing. But, unfortunately, Keir Starmer’s Labour unequivocally opposes rent control policies, and so for now the £3 rent drop is the only silver lining we have (unless you live in London, in which case you have... nothing?).