Individuals must find an average of £1,175 to move into a privately rented apartment or house across the UK – or £2,043 in London – according to a website.
SpareRoom says the cost comes from a combination of a typical deposit of four weeks’ rent, plus agents’ fees and removal costs. The London figure is higher not only because rents are more expensive in the capital but because a typical deposit involves six weeks’ rent, the website states.
The site claims letting agents are charging an average of £201 per move, rising to £205 in London.
In a breakdown of letting agents’ charges, SpareRoom says that across the UK some 91 per cent of agents charge an admin fee at the moving stage, 65 per cent levy a charge for drawing up tenancy agreements and 65 per cent again charge for credit checks.
Some 53 per cent charge for employer and/or bank references, 46 per cent charge for the drawing up of an inventory and 13 per cent are said to charge a non-refundable holding fee to reserve the room of property.
SpareRoom claims some 29 per cent of London tenants pay upwards of £300 in fees when they move – and 15 per cent pay over £400.
