The cost of renting a home in London is on average 80% more expensive than the rest of the UK – the largest difference ever.
In November, rents in London increased to an average of £1,177 per month, says HomeLet’s latest report, whereas the average cost of renting a home outside the capital dropped to £653 per month.
The increase in rental amounts in the capital means costs are now 13% higher than last year. This is in contrast to other UK regions where rents are on average just 1.6% higher than in 2010.
Increases range from 0.2% in the North-West to almost 6% in East Anglia. The only regions where rents have dropped are Northern Ireland, the North-East and Scotland, where they have dropped by an average of almost 2% over the past 12 months.
John Boyle, managing director of HomeLet, said: “The soaring cost of renting a home in the capital, compared to the rest of the UK, reflects how demand for rental properties is increasing due to people’s continuing struggle to get on to the property ladder.
“Combined with the Eurozone issue, this economic uncertainty could result in the demand for rental properties increasing, and cause rental amounts to soar even further.
“Traditionally, demand for rented homes dips before Christmas: however, London is bucking this trend and demand is higher than ever.”
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Comments
Of course rents in London will rise the most as it's where the highest demand in volume is, but as rents rise so do deposit and given a lot of agents expect 6 weeks deposit and 1 month rent it means move in cost are so much higher as well, in effect new tenants feel the effect of any rise by at least 10 times as they need to pay about 10 weeks rent to move in.
So all the more reason landlords should protect deposits with a professional inventory.
Visit the 020 Inventories website, we get tenants to digitally sign off inventories