London rents reach record £1,009 a month as demand spirals

Friday, 19 August 2011 12:09 PM

Rents across London have leapt to a new record high, according to latest data from LSL Property Services.

In July, rents in the capital hit £1,009 per month – an annual increase of 7.1 per cent and far above the average monthly rent for England and Wales at around £705.

The next biggest increase was in the North East, where rents rose 5.5 per cent over the year, the figures show.

David Brown, LSL’s commercial director, said that rents are on an upward trajectory and it is unlikely that tenants will gain respite any time soon.

He said: “Demand from thousands of frustrated buyers each month is underpinning buoyant competition for rental homes, enabling landlords to increase prices.”

But first time renters are also keenly feeling the pinch, Mr Brown suggested.

“It is becoming increasingly commonplace for renters to get parental help to fund their first deposit on a rental home, with the typical one month deposit on a property in London more than £1,000,” he said.

Jonathan Moore, director of Easyroommate.co.uk, said tenants and first home hunters are trapped in a vicious circle.

But he added: “Many renters are cutting costs by turning to flatshare.”

Average rent in London is £1,006 a month

London rent rips through £1,000 barrier as demand rockets

Rents in London have climbed faster than any other region of England and Wales – and now they have broken through the £1,000 a month barrier for the first time. Homes to let in the capital now cost an average of £1,006 per month, according to LSL.

London rents fell by 0.9 per cent in December

Rents down for second month in a row

Typical monthly rental costs in England and Wales fell by 0.8 per cent to £711 in December, latest figures show. London rents fell for the first time since the end of 2010, sliding 0.9 per cent, according to LSL Property Services.

Rent gazumping is on the rise

Tenant woe as demand pushes rents to a new record high

Rents are rising at twice the rate of wages as tenant demand continues to soar, according to LSL Property Services. The group said rents have reached a new high after four successive months of increases.

Rents 'have fallen in the past month'

Rents dip in run-up to Christmas

Rents have fallen for the first time in 10 months, new figures show. The average rent in England and Wales fell by 0.4 per cent to £717 per month, according to the November index from LSL Property Services.

Tenants hit by rising rents in all regions

Rents hit record highs

Rents have risen in all regions of England and Wales for the first time ever, according to the latest buy-to-let index from LSL Property Services plc. Average monthly rents hit a new high of £718 in September, while landlords can now expect yields of 5.3 per cent.

Sky high London rents 'nearing £1,000'

London rents soar by 7.9% in 12 months

The cost of renting in London has increased at the fastest pace in the country over the past year, with typical rents heading towards £1,000 a month, latest figures suggest. LSL Property Services said rents had risen 7.9 per cent since April 2010.

London 'has active first time buyer segment'

Londoners ‘better placed’ to get on to housing ladder

First time buyers are on the decline, but London is bucking the national trend, latest figures reveal. Rightmove said 41 per cent of Londoners intending to buy in the next year will be first timers, double the average of all the other regions.

London rent rockets to £1,025 in August

Rents rise by their fastest rate in a year, says LSL

The average rent in England and Wales rose by 1.2 per cent to £713 per month during August, surpassing the previous high of £705 in July. But in London, typical monthly rents hit a record £1,025, according to LSL Property Services.

Treasures of the world

Bring your wanderlust back to your home.

Wanderlust seems to be a trend in home décor this year with pieces from all over the globe making it into UK sitting rooms. The look requires items to be from many different locations and have an eclectic feel.

Go retro with an iPhone handset

Plug in your iPhone for an old-fashioned chat

We love new technology but sometimes, at home, wouldn't it be nice to ditch the touch-screen for a phone with a traditional handset? Now, you can plug in your Apple iPhones, iPads and iPod Touches and enjoy a good old gossip Lady Gaga style.