Fancy a reminder of just how shit renting in London is? Of course you do!
The average London and Greater London rent has hit £1,500 for new tenancies in the last three months – that’s more than twice the national average of £738. The stats have come from letting company Homelet, who explain all regions have seen an increase on last year. It’s only happened twice before: in October 2014 and December 2010.
In Central London, prices were 10.7 percent higher this year, compared to May 2014. The price hike hit hardest in Kensington and Chelsea (unsurprisingly) with rents rising by 23 percent, leaving the average at £2,071. More interestingly; Havering and Lewisham came second and third, with rent increases of 14 percent.
At the other end of the scale, rent actually decreased by 5 percent in Greenwich. Guess where we’re moving next…