For the first time in over four years, the average advertised rent outside of London has decreased, dropping slightly by 0.2% to £1,341 per calendar month. While it’s a modest £3 fall, it marks a clear turning point after years of consistent growth.

Even in London—where rents rose for a record 13th consecutive quarter—the increase slowed dramatically to just 0.1%, the weakest pace since 2021.

The key takeaway? The relentless upward trajectory of rents may be levelling off.

A major factor behind this change is greater rental stock. The number of available homes to let is now 13% higher than this time last year, helping to ease the supply squeeze seen in recent years.

At the same time, tenant demand has dropped by 16%. While listings still receive strong interest—around 10 tenant enquiries per property on average—that’s a decline from the pandemic peak. However, this figure still sits at double the pre-2019 average, so demand remains historically high.

What this means for landlords:

Voids could increase if properties are overpriced

Tenants have more choice—and are more selective

Accurate pricing and standout presentation are more important than ever

There’s been plenty of talk about landlords selling up, but the data shows a more balanced picture. There’s no mass exit, but subtle shifts are happening:

15% of homes listed for sale in 2024 were previously rental properties (up from 13% in 2023)

In London, that figure jumps to nearly 1 in 4 homes

Factors like mortgage affordability, the prospect of new rental legislation, and increasing operating costs are encouraging some landlords to reconsider their portfolios. But for many, it’s a time to adapt—not retreat.

Here in Bassetlaw, we’re seeing the national story reflected locally. There’s been:

An uptick in well-maintained, competitively priced properties coming to market

Tenants showing a preference for longer tenancies and energy-efficient homes

Continued strong interest in quality rental homes, especially in desirable villages and commuter locations

This is a time for landlords to reassess and sharpen their strategy. The market still presents strong opportunities, but success will come to those who adapt.

At Nicholson’s, we support landlords with:

✅ Accurate local pricing to reduce void periods

✅ High-quality marketing to attract the right tenants

✅ Full property management for compliance, peace of mind, and long-term success

Whether you’re thinking of letting a property, managing an existing portfolio, or considering a sale, our lettings team is here to help.

📞 Book your free landlord consultation today

📍 nicholsonsestateagents.co.uk/contact