£18k/yr - Average monthly London rents hit £1 ,500 for first time

Tony Gosling tony at cultureshop.org.uk
Sat Jun 20 01:15:14 BST 2015

Average monthly London rents hit £1,500 for first time, says survey

Latest figures for HomeLet rental index suggest 
12.5% increase in average rents across the 
country, with tenants in the capital hit hardest
O'Carroll   - 
-  Monday 15 June 2015 22.40 BSTLast modified on Tuesday 16 June 201510.27 BST

The cost of renting property is spiralling out of 
control with the average price of a flat or a 
house in 
now hitting £1,500 a month, a survey has shown.
According to 
collected by HomeLet, rents have shot up 12.5% 
across the country with tenants on average asked 
to fork out £751 a month outside the capital.
Its survey also shows rental costs over the past 
three months has gone up five times faster than tenant income.
The sharp rise in figures since the election will 
add to the pressure on workers who find 
themselves locked out of the first-time buyers 
market because they don’t have enough disposable 
income to save for the hefty deposit banks require before approving mortgages.
Only three regions in the country have shown a 
decline in rental prices – the north west, east 
Anglia and Yorkshire and Humber.
The spike in rental reflects the general crisis 
in the UK with a shortage of housing pushing the 
cost of buying a property beyond the reach of many first-time buyers.
This in turn has created an overheated demand for 
rental properties, says HomeLet.
The charity 
Advice Trust says the spiralling costs are of concern.
“The proportion of calls we were getting on 
rental arrears in 2010 was 6.6%. This year so far 
it’s 11.4%, so that’s a doubling,” said a 
spokeswoman. “It’s both in the public and private sector.”
HomeLet’s surveys are based on 13,000 tenant 
reference applications last month, 3,000 of which were in London.
The increase over the past year is five times 
greater than it was two years ago when the year-on-year increase was 2.6%.

Discussed rather fully here
Cohousing: building homes for the future


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