Advertised rents outside London have broken through £1,400 a month for the first time, with Rightmove putting the average asking rent at £1,418 after a 1.5 percent rise over the quarter.
The figures were released overnight in Rightmove’s quarterly rental tracker. They also show London asking rents at a fresh record of £2,825 a month, with annual growth in the capital quickening to 3.2 percent while the national rate cooled to 2.4 percent.
The milestone lands as fewer homes reach the market and refinancing costs climb, leaving landlords to balance higher achievable rents against thinner choice for tenants and sharper finance decisions on whether to hold, remortgage or sell.
Record rents hide slower annual growth
Rightmove said average asking rents outside the capital have now passed £1,400 for the first time. The 2.4 percent annual increase stands well below the pace of around 10 percent seen between 2021 and 2023, pointing to a market that remains pricey but is no longer surging at the same speed.
Colleen Babcock, property expert at Rightmove, said a new record had been reached. “Average rents have reached another new record and have now surpassed £1,400 per month outside London for the first time,” she said. “However, beneath the headline figure, rental growth has continued to settle compared with the exceptionally fast pace we saw a few years ago.”
She added: “Supply remains constrained, which is continuing to put upward pressure on rents, but demand is also more measured. That has helped to create a more balanced market overall, even though affordability remains a challenge for many renters.”
The number of homes available to let nationally is down 2 percent on a year ago, with tenant demand lower by the same share. This follows Landlord Knowledge’s report on HomeLet rents hitting £1,387 in September, which also pointed to record levels alongside calmer growth. The two datasets use different methods, but both show the same pattern of high headline rents with less frantic yearly rises.
London supply squeeze sharpens as demand rises
London remains the outlier. Average advertised rents in the capital reached £2,825 a month, and the city ranked third among British regions for annual growth. Cheaper areas are still seeing faster rises in most cases, yet London demand rose 6 percent while the total number of homes to let fell 9 percent and new listings dropped 7 percent.
Rightmove suggested the London demand lift may partly reflect office attendance requirements and job opportunities drawing tenants back toward the capital. For landlords with London stock, that mix of falling listings and firmer demand helps explain why a quarter of landlords who tried to sell in London ended up re-letting rather than leaving the sector.
Kim Lidbury, president of ARLA Propertymark, said the figures show the market cannot be judged on growth rates alone. “The latest figures highlight why the rental market needs to be judged on more than the rate at which rents are rising,” she said. “Although rental growth has moderated, advertised rents remain at record levels, and the availability of suitable homes continues to be a major concern for tenants.”
She added: “The cost and complexity of providing rental housing remain important considerations for landlords. Financing costs, taxation and regulatory requirements all influence decisions about whether to invest in, retain or sell rental property. These pressures can have wider implications for the availability and choice of homes for tenants.”
Landlord investment and mortgage pressure build
Homes previously let out now make up around 13 percent of properties for sale, broadly flat on this year and only slightly above the 12 percent seen last year. The share of homes to let that were previously for sale has slipped from 17 percent to 15 percent, which Rightmove reads as a sign of weaker landlord investment.
Borrowing costs add to the strain. The average two-year fixed buy-to-let rate now stands at 5.34 percent, compared with 4.16 percent before the war in Iran began, according to Rightmove’s analysis. Matt Smith, mortgage expert at Rightmove, said some landlords are still rolling off far cheaper fixed deals, with higher refinancing costs shaping choices around remortgaging or selling. Full quarterly detail is published on the Rightmove press centre.
What this means for landlords
- If you are setting rents this quarter: price against fresh comparable listings, not last year’s surge. Growth has cooled to 2.4 percent nationally, so overreaching risks longer voids.
- If you hold London stock: listings are down 9 percent while demand is up. Strong presentation and realistic pricing can shorten void periods in a tight field.
- If your fixed rate ends soon: model the jump from sub-4.5 percent deals to around 5.34 percent on two-year fixes before deciding to remortgage, switch term or sell.
- Watch for: stock signals in your postcode. National demand is flat but local gaps are wide, so track new instructions weekly rather than relying on headlines.
- Bottom line: record asking rents support income, but thinner supply and dearer debt reward careful pricing and early refinancing plans.
Editor’s view
Passing £1,400 outside London is a neat headline, but the real story is the split. Rents are at records while growth cools, and London is tightening again just as borrowing bites. Landlords who price with care and lock finance early will fare better than those chasing the peak.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 15 October 2026
Sources: Rightmove, ARLA Propertymark
Related reading: HomeLet: UK rents hit £1,387 record as London jumps
