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London rents still double north east prices despite recent drop

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London rents still double north east prices despite recent drop

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

Nearly 100,000 private tenants 'in severe rental arrears' - figures Nearly 100,000 private tenants 'in severe rental arrears' - figures

London tenants are still paying over double the amounts of renters in the north east of the country, despite the average rental cost in the capital being at its lowest since September 2013.

According to the last HomeLet Rental Index, the average cost of renting a home in London dropped by 1.5% during December to £1,244 per month. This is currently 148.3% more expensive than in the north east where average rents lowered by 3.1% to £501 per month.

Around the rest of the UK, the average cost of renting a home is currently £813 per month after increasing by 0.9% during December. When the Greater London figure is removed, the average cost of renting a home in the UK increased monthly and annually by 1.7% and 1.9% respectively to £684 per month.

Gary Abraham, HomeLet’s sales and marketing director, said: “Despite London rents stabilising, they’re still significantly more expensive than anywhere else in the UK – particularly those in the North East, where average rents are lower than in any other region.

“Looking ahead this year, I believe rents in the capital will begin to increase again as the summer months approach – however, not at the same rate as previous years when the property market was affected by lack of borrowing and mortgage availability before the funding for lending and help to buy schemes were introduced.

“The private rented sector is the preferred lifestyle choice of many more people now, and the government has put further plans in place to ensure the market not only provides quality homes, but is also an affordable and reliable option for those who decide to rent."

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