Average Rents In London Will Continue To Grow, says Letting Agent

25 November 2012 Categories: News

Average Rents In London Will Continue To Grow, says Letting Agent

Tenants in London are paying nearly one third more rent today than they were three years ago, says managing director of HomeLet, Ian Fraser, but according to recent trends the average rent will increase even further over time. Tenants in Greater London are now paying an average of £1240 per month for their homes; an increase of 32% from 2009 when the average rent stood at just £940.

In contrast, the rest of the UK has seen just a 7% increase in rents over the last three years, meaning tenants in London pay nearly 90% more each month in rental payments than those living around the rest of the country.  “Our data shows that on average tenants outside of London are now paying £44 more per month for a rented home when compared to 2009, but in contrast tenants in London are paying an average of £300 more per month” said Mr Fraser.

He then went on to say, “Average rental prices in Greater London appear to be far more buoyant than the rest of the UK. However, the continued increase in achieved rental values highlights the growing pressures on the supply and demand of rental stock in the capital.

“People relocating to Greater London for employment are helping to drive the increasing demand for rental properties, and are subsequently driving up average rents.”