Don’t get too excited about the slower pace of rent rises, Londoners still pay £800 a month more than the rest of the UK
Average rent in London, is 108 per cent higher than the rest of the UK, at £1,560 per calendar month, compared to £749 a month.
Rents in the UK, excluding London, were up 3.5 per cent on the three months to October 2014, but the rate of increase has continued to slow since the July 2015 peak of 8.1 per cent growth, according to HomeLet’s latest rental research.
This slow-down is less obvious in the capital, where rents for new tenants were up 7.5 per cent in the three months ended October compared to this time last year.
Londoners pay on average £800 a month more, although rents are growing fastest in Scotland, up nine per cent from this time last year, to £665 a month.
HomeLet’s survey also revealed that while 71 per cent of tenants would prefer to buy a house, 66 per cent said a deposit wasn’t affordable, and 64 per cent are happy to keep renting.