London and the south-east see record-breaking spike in rents

Estate agents are urging housebuilders to look south, as the national average rent reaches its highest point since records began.

 

Rents across the UK are now 4.5 per cent higher than a year ago, with London and the south-east rising faster than anywhere else, according to the latest Your Move and Reeds Rains Buy-to-Let index.

 

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Since May, average rent in London was £1,207 per month, outstripping the national average by more than 45 per cent.

 

Reeds Rains and Your Move director Adrian Gill said: “It’s one more sign that the south needs urgent attention from housebuilders.” 

 

The spike reflects the overarching housing crisis, pushing the cost of property beyond the reach of many first time buyers.

 

Gill added that a slow economic recovery caused southern rent hikes. “There is a clear outward wave, but so far it’s emanating from a familiar corner.”