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Capital pains as rents top £1,750 for first time
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The price of renting property in London is now costlier than ever, with new figures revealing that the average rent on a flat or house in the capital now more than £1,750.
Data collated by the Tenancy Deposit Scheme (TDS) also shows that rents in other locations in England and Wales have also soared over recent months. However, tenants are still paying far the most to live in London.
Rent rises
Figures from the report are based on new deposit registrations with TDS insured in England and Wales during August 2016. This information shows that average monthly rents spiralled to hit £1,765 in the capital.
Following London, the next most expensive region to rent was revealed to be the South East. Here, average monthly rents presently stand at £1,124.
The cheapest region to rent is in Wales, with average rent on new lets in the country in August 2016 at £664.80. Next cheapest was the North East, with typical costs standing at £652.88.
Steve Harriott, chief executive of the Tenancy Deposit Scheme, said: ‘this data comes from landlords and agents registering new deposits on our database in August 2016 and advising us of the monthly rent that they charge. The figures show starkly the differential in regional rents across England and Wales.’[1]
Capital pains as rents top £1,750 for first time
Regional differences
Average rents for new lets across England and Wales in nine regions were found to be:
- London-£1,765.44
- South East-£1,124.22
- South Central-£1,123.42
- South West-£878.78
- East Anglia-£872.79
- Midlands-£737.32
- North West-£716.10
- Wales-£664.80
- North East-£652.88
[1] https://www.landlordtoday.co.uk/breaking-news/2016/9/london-rents-exceed-1-750-for-first-time-data-suggests
