London rents more than double UK average as high property prices lift sector demand
Rents in London rose by eight per cent in February compared with the same month last year, as high property prices forced more people into the rented sector.
For the UK as a whole, average rents increased by seven per cent in February compared with last year, figures released by estate agents Barnard Marcus show today.
The supply of properties to rent has dropped 17 per cent, while demand has continued to rise.
In London, there are 8.5 applicants to every property available to rent, up from 5.3 one year ago.
For the UK, there are 5.2 potential tenants vying for every property on the market, up from four last year.
The average monthly London rent is now £1,507, more than double the UK average of £705.
“As the sale market continues to price out would-be first time buyers… the increase in demand is not expected to decrease,” said Stephen Nation, head of lettings for Barnard Marcus.
Recent figures from Nationwide show UK house prices are growing over five per cent annually.