Rents in July bounced up by 2.8% across the UK – while in Greater London they rose by 4.6% over the month before to stand at a record £1,260 per month.
The cost of renting a home around the UK, excluding Greater London, now stands at £789 per month, meaning that living in a rented home in Greater London is now 85% more expensive than elsewhere in the UK.
The latest HomeLet rental index says that the rise in rents outpaced the 1.7% rise in tenants’ average income, which is now £27,777 per year. And while tenants in London have to pay 135% more than tenants in the North-East, they earn only an average of 70% more.
The index also shows that the student tenant population has soared, making up a quarter of the country’s entire tenant population. However, East Anglia has had a dramatic drop in student tenants, with just 4% of private renters now being students.
HomeLet managing director Ian Fraser said that if London’s rental growth continues its pattern so far this year, by next month, renting a home in the capital will be more than double elsewhere in the UK.
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