London prime rents three times the UK average

Wednesday, 9 May 2012 8:47 AM

Renting a prime property in London is three times more expensive than all other regions of the UK.

This finding comes from the PrimeLocation.com prime rental index.

The index shows that renting a prime property costs an average of £1,238 per month in the UK, whereas the average monthly mortgage premium on the same property is £1,607.

This is about a 25 per cent saving per month for those who rent instead of buy the property.

But in London this saving is reduced to just £369 or nine per cent per month, suggesting those who buy are better off in the long run.

In the capital it costs about £3,943 to rent a prime property and this only jumps up to £4,339 for mortgage repayments.

This is because in London rents are three times higher than the UK average.

“London is still comfortably the most expensive market for prime renters as demand for property in the capital continues to grow,” Nigel Lewis, property analyst at PrimeLocation.com said.

 “The Prime rental market is very healthy, so for those who are looking to rent a property at the higher end of the market, now is an excellent time to be shopping around.”

 

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