London’s rental market continues to maintain its number one position as the most expensive region in the UK in which to rent property, with average rents standing at £1,333, an increase of £14 from £1,319.
- Year on year, there’s been a more significant increase of £43 (3.34%). This means London has seen the largest average percentage and price growth, compared to all other regions.
- All property types have seen an increase in average monthly rents. As in Q2 2019, terraced properties have again seen the largest growth, increasing by £39 (2.48%) from £1576 to £1615.
- While no property types have seen a decrease, semi-detached properties are the only type to see no change, remaining at £1649.
- On average, people in London spend 42% of their wages on rent, 10% higher than the UK average.
Brexit uncertainty has prevented many homeowners to put their properties for sale on the market, thus reducing the number of properties available to buy by private landlords and affecting the number of properties to let. This shortage of properties combined with high demand from tenants and the Tenant Fee Ban in vigor since this summer has resulted in an average rent increase.
Home News Average rent in the UK has increased for the second consecutive quarter Average monthly rent across the UK is at its highest value since we launched the Index way back in 2017. Now standing at £778, this represents an increase of £7 (0.91%) from the previous quarter.
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If you are a landlord and would like a market appraisal for renting your property in Hampstead, Belsize Park, Highgate, East Finchley and Hampstead Garden Suburb, North West London, please contact Muriel:
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Here are 12 questions to ask estate agents to help you choose the best professional for you. In these challenging and uncertain times, a quality agent will make all the difference in terms of selling or rent price, time, customer service and peace of mind.