London rents had risen by eight per cent by February, compared with the same month last year, as high property prices continued to force more people into the rented sector.
Writing for CityAM, Chris Papadopoullos claims the average monthly London rent is now £1,507, which he says is more than double the UK average of £705, and that recent figures from Nationwide show UK house prices are growing over five per cent annually.
For the UK as a whole, average rents increased by seven per cent by February 2015 compared with last year, that’s according to figures given to CityAM by estate agents Barnard Marcus.
According to the agents, the supply of properties to rent in London dropped 17 per cent, while demand has continued to rise. In London, they claimed, there are 8.5 applicants to every property available to rent, up from 5.3 a year ago.
For the UK as a whole, they said, there are 5.2 potential tenants vying for every property on the market, up from four last year.
Stephen Nation, head of lettings for Barnard Marcus told CityAM:
“As the sale market continues to price out would-be first time buyers… the increase in demand is not expected to decrease,”
London Rents Over Double UK Average – http://t.co/QY63GwJdQM
— LandlordZONE (@LandlordZONE) April 2, 2015