RENTING in London is notoriously fraught, but now new figures back up the tales of woe, as experts claim there are 10 tenants chasing every rental property in the capital.
And while competition for properties is on the up, prices are rising too, with rent up nine per cent year on the year compared with 2013, according to property consultants Wriglesworth.
The average rent for a property in London is now £1,591, while those searching for a home elsewhere in the UK can expect to pay £717 on average per month. The number of new tenancies is also increasing in London, up 28 per cent since the same period a year before.
Stephen Nation, head of lettings for Barnard Marcus, said the demand for rental property in the capital was surging and supply cannot keep up, leading to sky-high rental prices.
“In London… this imbalance has caused rents to rise nine per cent annually and demand continues to soar, up by 62 per cent annually. I would expect it will undoubtedly lead to future rent increases before the year is out,” Nation added.