Average asking rents outside London have ground to a halt in early 2026, marking the first time since 2017 that they have not risen between the final quarter of the previous year and the first quarter of the new year, according to Rightmove. The lack of movement leaves the average advertised rent at £1,370 per month across Britain excluding London.
Rightmove said the standstill reflects a rebalancing of supply and demand, with lower tenant demand and a greater choice of homes reducing competition. The average rental home now receives eight inquiries, down from 11 a year ago and a peak of 29 in 2022, though still above the pre-pandemic average of five.
More than a quarter (26%) of rental listings have seen a price reduction, the highest proportion for this time of year since records began in 2012. Rightmove property expert Colleen Babcock said: “Rents holding steady this quarter reflects how affordability remains stretched, but also how supply and demand is more balanced. With more homes available to rent and less competition between tenants, landlords are needing to position rents correctly for the current market to secure a tenant.”
In contrast, London saw a quarterly rise of 0.7%, taking the average asking rent to £2,736 per month. Meanwhile, some hotspots outside the capital recorded double-digit annual increases. Harrogate in North Yorkshire saw the biggest surge, with average asking rents rising 18.9% year-on-year to £1,621 per month, followed by Batley in West Yorkshire, up 14.6% to £972.
Adam Jennings, head of residential at Chestertons, noted a pick-up in lettings activity towards the end of March, with well-presented, correctly priced properties letting quickly in areas where supply remains constrained. Despite the overall slowdown, Rightmove said affordability pressures persist, with more tenants likely reaching a ceiling on what they can pay.
