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London costs see UK rents soar 2.3% in February

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London costs see UK rents soar 2.3% in February

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

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Image: Money Arrow via Shutterstock

The average cost of renting a home in the UK soared by 2.3% in February after being driven by prices in London.

The latest HomeLet Rental Index shows the average rent rose to £818 per month – the highest amount recorded since September 2013.

Although seven of the UK's 12 regions saw minimal monthly increases, London saw costs soar by an average of 4.5%.

The only other two regions to see increases above 0.7% were Yorkshire and Humberside and the South East, where average prices increased by 2.2% and 1.1% respectively.

The 4.5% increase leaves Londoners paying an average of £1,319 per month, almost double the amount around the rest of the UK.

The 96.3% difference between the capital’s and the rest of the UK’s rents is the highest ever recorded.

Gary Abraham, HomeLet’s sales and marketing director, said: “The 96.3% difference between renting a home in Greater London and the rest of the UK is a reflection of the strong demand for rental homes in the capital and a sign of the flourishing private rented sector.

“The recently released English Housing Survey reveals how the number of people living within the private rented sector has almost doubled since the early 2000s. The report also shows how nearly half (44%) of private renters expect it will be five years before they’re able to buy a home – compared with only a quarter (23%) who anticipate they will be in a position to buy a home within two years.

“There’s certainly been a shift in the demographic, expectations and lifestyle of tenants within the private rented sector, and I believe the trend of ‘generation rent’ will continue to grow for the imminent future."

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