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Categories: prs | property market
Rents outside London have hit another record high, according to Rightmove. Latest statistics show that the average asking rent outside the capital is now £1,126. This is a year on year increase of almost 12%.
Even when looking at shorter timeframe, from Quarter 1 2022 to Quarter 2, average rents are up 3.5%. This quarter-on-quarter increase is the second highest in ten years.
The data for Quarter 2 2022 represents a sixteen year high in average asking rents recorded by the property platform, and is illustrative of just how strong demand for rental property is and has grown over time.
The upward trajectory for rents has gathered particular pace, since the start of the Coronavirus pandemic. Average rents have grown by a huge 19% over the timeframe. This has put an average of £177 on asking rents.
To add context to that statistic, it took a full eight years prior to Covid-19 to achieve a growth figure of this amount.
Asking rents in London Quarter 2, 2022
In the last 12 month, Quarter 2 asking rents in Greater London have grown just shy of 16%, sitting at £2,257. The temporary lull caused by the pandemic, and tenants fleeing the city for lockdown and remote working outside the capital somewhat of a distant memory.
Inner London has driven up the overall average, with an annual change in asking rents of +21.1%. Outer London has experienced an uplift of almost 11%.
This puts inner London average asking rents at £2,693 with the outer London figure sitting at £1,937.
Regional variance in asking rents
Looking at the data in more detail, by region and outside London, average asking rents are as follows (sorted by greatest Quarter on Quarter change). Every single region has seen increases both this quarter and annually:
| Region | Avg. asking rent per month | Quarter on Quarter change | Year on Year change | Average yield |
| South East | £1,611 | 5.0% | 12.1% | 5.3% |
| Wales | £926 | 5.0% | 15.1% | 7.0% |
| South West | £1,251 | 4.0% | 13.7% | 5.6% |
| East of England | £1,376 | 3.4% | 11.0% | 5.4% |
| Scotland | £878 | 3.1% | 12.5% | 7.3% |
| Yorks. and Humber | £875 | 3.1% | 12.3% | 6.7% |
| North East | £752 | 2.8% | 11.5% | 8.1% |
| East Midlands | £982 | 2.8% | 10.3% | 6.0% |
| West Midlands | £898 | 2.7% | 10.5% | 6.1% |
| North West | £952 | 1.5% | 11.5% | 6.8% |
Wales comes in top both by quarter on quarter (jointly with the South East) but by a head and shoulders margin year on year.
The South East tops the table for overall average asking rent, only around £300 off the Greater London figure.
For yield, the North East achieves the highest percentage at 8.1%, followed by Scotland and Wales, which again makes a strong showing.
Manchester in the North West has seen an annual change in average asking rent of 23.4%, sitting at £1,127 per calendar month. Chatham, in the South East, has experienced an increase of 21.4%, with an average of £1,197 per calendar month.
Liverpool (North West), Weymouth and Torquay (South East), Margate and Farnham (South East), Birmingham (West Midlands), Bristol (South West) and Sale (North West) were also listed as hotspots for rental growth.
