UK Private Monthly Rents Hit Record High, Property Site Reports

Average monthly rents in the UK have reached record highs, according to Rightmove on Wednesday. Outside London private rents hit £1,316, meaning that average advertised rents are around 7 percent higher than a year earlier, according to the property site’s analysis for the month of May. In the capital, the average advertised rent is £2,652 per month, which is 4 percent higher than a year earlier, the website said. Both those figures far outstrip the rate of inflation, which dropped to the government’s target of 2 percent in May. The revelation prompted Rightmove to urge whoever forms the next government after Thursday’s election to ramp up housebuilding and incentivise landlords to invest in more homes for tenants....