Asking rents outside London have hit a new record high of GBP1,344 on average per month, having increased by 5.2% annually, according to a property website.

The average rent advertised for London properties also reached a new record of GBP2,694 per month, which was 2.5% higher than a year earlier, Rightmove said.

The figures cover the third quarter of 2024 across Britain.

Rightmove said the average number of inquiries per rental property is now 15, down from 23 last year, but nearly double the eight recorded in 2019.

The supply of homes available to rent has increased annually but is still below 2019 levels, Rightmove said.

It added that asking rents on more than a fifth (21%) of properties are being reduced before a tenant is found. This is up from one in six (16%) last year