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TODAY'S OTHER NEWS

London rents pass £1,600 pcm level for first time as market improves

Average rents in London are £1,615, up 3.3 per cent on last year, according to HomeLet’s latest index.

This is the first month on record that average rents in Greater London have surpassed £1,600 pcm, and they help take the UK average rent to £937 pcm - this is up by 1.3 per cent on the same time last year.

The boroughs in the capital with the highest rent are Westminster, Camden, the City, Lambeth, Hammersmith & Fulham, and Tower Hamlets. All have monthly rents between £1,750 and £2,221.

When London is excluded, the average rent in the UK is now £777, up by 1.0 per cent on last year.

The UK region with the largest year-on-year increase is Northern Ireland, showing a 4.5 per cent increase in average rental prices; meanwhile the region with the largest month-on-month increase is the South East, showing a 2.6 per cent increase between June and July 2018.

Nine of the regions identified by HomeLet saw rents rise in the past month with only Scotland, the North East and the East of England reporting falls.

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