You are here: Home - News -

London rental values outstrip rest of UK by 108%

by: Christina Hoghton
  • 10/11/2015
  • 0
London rental values outstrip rest of UK by 108%
The average cost to rent in London has reached £1,560 per month, with rents in the capital now 108% higher than the rest of the UK, research reveals.

October’s HomeLet Rental Index highlighted the gap between the pace of annual rent rises in the capital at 7.5% and the rest of the UK  where the average is 3.5%. On average London tenants paid over £800 more per month that the rest of the UK.

The cost of a tenancy outside of London rose by 3.5% compared to last year, putting the average UK rent at £749 a month, the research found.

The report pointed out that while this level of growth for new tenancies continues to outstrip the rate of inflation, this is much lower than the peaks seen just a few months ago when rents were up by over 8%.

The research also revealed that a large proportion of tenants are renting their homes for the long term. Almost two-thirds said they planned to continue renting for a year or longer, and 90% said they were happy with their landlord.

While 87% of tenants indicated rental cost is an important factor when they choose a home, both attractiveness of the surrounding area and a low crime rate also ranked highly.

However, almost three-quarters of tenants would ideally prefer to buy a home, but two-thirds said they saw saving for a deposit as the biggest barrier preventing them from doing so.

While the pace of rent rises has slowed over the autumn, rent inflation has increased in nine out of 12 regions of the country – the exceptions are the North West, where rents were 4.9% down on last year, Northern Ireland which saw rents dip by 2.1% and East Anglia, recording a drop of 1.2%.

There are 0 Comment(s)

You may also be interested in