London rents grow by largest-ever amount to an average £2,343 a month
London rents have grown by the largest-ever amount over the past 12-months, according to property site Rightmove, to an eyewatering average of £2,343 a month.
Those living, or looking to live, in the capital are increasingly leaning towards rental properties, as the cost to buy a home rockets.
But Londoners are not just being hit with a premium for living in the capital, although it plays a role. Rental prices are soaring across the country.
Outside of London, rents have hit a new record, standing now at an average monthly rate of £1,162.
A shallow pool of rental stock has helped grow rental prices, in the same way it has sustained the UK’s house price boom.
Competition among tenants to secure a property is also at a record high, according to Rightmove’s research.
New rental properties are cropping up almost every area of the country – except London.
“It’s a real challenge for renters at the moment, as there are simply not enough homes available to rent to meet the demand from people enquiring,” director of property science at Rightmove, Tim Bannister, said.
“We will need a significant addition of homes to come onto the market to even begin to balance the scales.”