That’s according to Rightmove, which added that this is actually the smallest increase across Great Britain at this time of year since 2020.
Rents in London also hit a record high, despite increasing by just £3 a month. It now costs an average £2,698 a month to rent in London, up 2.5% compared to a year ago.
Double-digit supply boost
The record rents come despite a boost in supply into the rental market, said the property portal.
The number of new properties coming into the market in March was 11% ahead of the same period last year, and the overall number of rental homes available is 18% ahead of last year.
The number of tenants looking to move is 7% lower than at this time last year. Rightmove said this could be due to more renters being able to buy their first home.
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In the first quarter of 2025, the number of sales being agreed in the typical first-time buyer sector was 7% higher than the same period a year ago, while the number of prospective new first-time buyers getting in touch to move was 5% higher.
Rightmove’s property expert, Colleen Babcock, said: “The rental market is still really busy, and as the regional picture shows, it’s likely to feel even busier in some areas of Great Britain than others. It’s good news for tenants that on the whole, the balance between supply and demand is improving. This is having a knock-on effect on rental prices, with rents increasing more slowly and more landlords reducing their advertised price.”
