London rent prices hit record high as new mortgage loans keep climbing

 
Tim Wallace
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Monthly rents climbed three per cent on the year (Source: Getty Images)
London rents hit a record high of £1,161 on average last month, acc­ord­ing to figures out today from LSL Property Services.

Monthly rents in the capital climbed three per cent on the year – an increase which was ahead of wages, intensifying the pressure on tenants.

Across England and Wales, the average rent increased by 2.4 per cent to £761 per month.

Despite the strong and steady growth, rents are increasing at a slower rate than house prices – and figures out yesterday from the Council of Mortgage Lenders show pressure continuing to build in the market.

Mortgage applications increased 13.6 per cent on the year to £18.6bn – the most in any August since 2008.

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