HOMELET: Average London rents reach £1,600 for first time on record

HOMELET have today released their Rental Index Figures for July – and it’s bad news for renters in the Capital, as average rents in Greater London are 3.3% higher than last year, bringing the new average London rent to £1,615 for the first time.

This pushes the average UK wide rent up to £937, however even when London is excluded, the average UK rent is £777 per month, 1.3% higher than last year.  Rents rose across 8 of the 12 regions covered by the research.

The UK’s cheapest place to rent a property is the North East, where the average rent is only £525 per month, less than a third of that paid in London and slightly lower than that reported last year.

According to the index, rental prices fell slightly in Wales by 0.3%, where the average rent was calculated to be £611, however Swansea Estate Agent, Dylan Williams of Rees Richards, whose company manage property portfolios across South and West Wales said these figures were not in line with what he is experiencing on the ground. Dylan said:

“Those figures are not in line with what we are seeing across our property portfolios in Swansea and West Wales. If anything, rents have slightly risen in our experience.

“The biggest problem with UK-wide statistics is that they treat the whole of Wales as one area, and trends vary widely from one area to the next, making Wales-wide figures difficult to analyse. Certainly, in Swansea and West Wales, we have a real shortage of properties to rent and this is keeping rental prices buoyant.”

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