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.”

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