Rents in Britain outside London declined on a quarterly basis for the first time since 2019 due to the decline in demand by tenants, according to data released on Tuesday by the Rightmove Real Estate Website.

The average advertised rent for new private sector leases outside London decreased by 0.2% in the last quarter of 2024 to £ 1,341 ($ 1,672) per month. This was 4.7% higher than one year earlier, the smallest annual increase than 2021.

The rents at London increased For the 13th consecutive quarter, but only by one marginal 0.1% to £ 2,695 per month, 2.4% more than last year.

Rents and housing prices have increased by lack of real estate available In the British housing market, something that Prime Minister Keir Starmer’s government aims to face relaxing the design rules for new constructions.

Rightmove said the number of rented real estate rented on the market increased by 13% compared to one year earlier, assisted by a 16% reduction in the number of prospective tenants. However, applications were still increased 10 per rental of property, twice the number before the pandemic.

“Agents say some tenants choose to stay in place instead of moving due to costs, and while there are evidence that some owners have chosen to get out of the market, there are also evidence that others may continue to invest”, “ Rightmove said. .

Falling mortgage interest rates and salary increased also allowed some tenants to buy their first home, Added the Rightmove.