The rental market in London shows no signs of slowing down as the average monthly price for rental properties in the city has surged to £2,003, according to the latest figures from the HomeLet Rental Index for April 2023. This marks a significant 1.2% increase compared to the previous month.

The report highlights several key trends affecting London’s rental market:

• Out of the 21 boroughs in London, 14 experienced a month-on-month price rise, while seven reported a decrease.
• The average rental property in London now costs over three times more than the cheapest region in the UK, the North-East, where the average monthly rental price stands at £645.
• Londoners are spending more than a third of their monthly income on rental payments, with 35.4% of their wages being dedicated to rent.

The HomeLet Rental Index is widely regarded as the most comprehensive and up-to-date source of data on rental values in the UK. The report gathers information from recently agreed tenancies, providing valuable insights into the current state of the rental market across the country.

Andy Halstead, CEO of HomeLet and Let Alliance, expressed his thoughts on the latest findings, stating, “Rental prices continue to rise across the board, with every region showcasing a monthly and annual increase. Tenants are encountering difficulties in finding available rental properties, often facing competition where offers exceed the asking price. Landlords are receiving multiple offers for their properties.”

Halstead further emphasized the importance of Rent Guarantee insurance for landlords in the face of escalating rents and the high cost of living. He warned that rising rental costs and dwindling disposable income could lead to more tenants struggling to pay their rent, underscoring the need for landlords to be prepared for such situations.

The scarcity of available rental properties in the market indicates that prices are likely to continue rising, leaving prospective tenants with fierce competition to secure suitable accommodations.

For further details and comprehensive data tables, refer to the HomeLet Rental Index report.