Rents in the capital continue to rise with the average monthly rental cost increasing by the largest amount in three years.
Data from the April 2014 HomeLet Rental Index shows the average cost of renting a home in Greater London reached a new high, after increasing by 9.4 per cent over the previous year to £1,348 per month.
This is the largest annual increase in the capital's average rental figure since April 2011 - meaning tenants in Greater London are currently paying rents almost double that of the rest of the UK (when the Greater London figure is removed).
The April report also shows tenants in Greater London are currently spending 57 per cent of their income on rent after taking tax and National Insurance into account. This is nine per cent more than three years ago. Average rents in the capital have increased by almost a quarter during this time but in contrast, tenants' average income has increased by just 4.2 per cent.
Across the rest of the UK, the average cost of renting a home increased by 2.9 per cent during April to £848 per month says Homelet.
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