London rents reach record levels
Rents in London have reached an all-time high as costs rose across the UK for a second consecutive month, according to figures published today.
Data from lettings agency network LSL Property Service’s buy-to-let index show rents rose 0.4 per cent nationally in May, and 0.6 per cent in the capital.
The figures put the annual rise in London at 4.2 per cent, with the average monthly rent at £1,038. Most regions saw annual increases, apart from the east midlands, where rents fell 1.5 per cent, Wales, were they fell 0.7 per cent, and the north east, down 0.3 per cent.
Government ministers have frequently said private sector rents are falling as a result of welfare reforms, however the LSL figures cast further doubt on these claims.
David Newnes, director of LSL, said: ‘Given the current concerns over the economy and labour market, the flexibility of renting is proving attractive for those adopting a wait-and-see approach to house purchase. Given this appetite for rental accommodation, rents are unlikely to see sustained declines any time soon.’