Rents in London rise to nearly £1,500 as new supply declines

THE AVERAGE cost of renting in London is pushing closer to £1,500 per month, as property prices climb across the UK.

The average monthly rent in London is now £1,465, according to Sequence, the property group. Based on the speed of rises currently, rents will soon push above £1,500 per month. Between July and August, the number of new properties available actually fell by one per cent.

Across the country, rents are up by 11 per cent over the last year, outstripping wage increases by a distance. With the average rent in the rest of the UK standing at only £779, there is a looming prospect of London rents soon being twice the national average.

Stephen Nation, head of lettings at Sequence, blamed an inadequate number of new homes coming onto the market for the escalating cost of houses and rents: “The supply of new properties to the market has seen no change on the month and if this continues to be outstripped by demand then we will see further significant rise in rents.”