The HomeLet Rental Index, which is released monthly and analyses archived rents to paint a general picture of the UK market, has unearthed shocking data that London’s rent prices have jumped in +1.5% in one month alone, which is around £32pcm more for the average renter in the region.
It’s not only this month that is causing alarm amongst experts, rent prices have risen in London by +6.22% in the last 12 months, which equates to around £130. Furthermore, London renters are forking out 39.4% of their wages on their rent, a +4% escalation on last year alone.
This comes as HomeLet’s Rental Index shares the disheartening news the average in the UK is continuing to creep up, this month by +0.9%.
Professionals believe this is not concurrent with wage increases, leaving many more out of pocket now than they were in a post-Covid Britain.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer says: “It’s bad news for London, with an alarming monthly increase in rental prices. This trend, if it continues, is not at all sustainable for the region’s renters or it’s landlords. We hope to see a drastic change soon.”
It’s predicted that rent prices in the capital could rise by a further 5% – 10% by the end of 2024.
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