Rents Outside Of London Just Hit A Record High

It's no secret that rents in London have dropped due to the pandemic, but outside of the capital, they've now climbed to a record high.

According to the latest data from Rightmove, the average rental price being asked for a property outside of London during the second quarter of this year was £1,007.

This is up from £982 in the first quarter, and marks the first time average monthly rents outside of London have exceeded £1,000.

Rightmove's data – based on more than 470,000 listings across the country – also revealed that the typical time for a rental property to find a tenant has fallen to just 21 days.

According to Rightmove's resident expert, the latest data also suggests that city centre properties are becoming more popular again.

Though many people chose to relocate to somewhere more peaceful during the pandemic, it seems that proximity to the office is becoming a factor again as commuting returns to daily life.

"At the start of this year the impact that tenants leaving cities had on rents was clear to see, but with restrictions continuing to lift we’re seeing signs of the city centre comeback," said Rightmove's director of property data, Tim Bannister. "As businesses settle into a more structured balance between home and office time, we expect this to continue for the rest of the year."

Rob Cuffe, director of Manchester property agency Philip James, said Rightmove's findings are definitely being borne out in the UK's third largest city.

"Since lockdown we’re continuing to see an increase in demand for properties with outdoor spaces such as balconies or terraces," he said. "Currently, two bed city centre apartments are achieving rents in excess of £1,200 in the popular developments, and any with outside space are the most sought after. We’re letting all of our properties in an average of just 10 days."