22^nd Aug 2018

For the first time ever, since records started, the monthly average London rent has 'topped' £1,600, according to a tenant referencing and specialist lettings insurance company's July's Rental Index figures.

The overall average monthly rent in the Capital was £1,615 and is 3.3% higher year on year.

Meanwhile across the UK, the average rent had also enjoyed an increase because in July it stood at £937 which made it 1.3% higher than last year's corresponding month.

When Greater London's rents are taken out of the equation the average monthly figure stands at £777.

The Rental Index also shows that in July Westminster was the most costly area in London to rent a 'home', with an average of £2,307. Camden wasn't far behind with an average rent of £2,213 and Lambeth at £2,104 in the same month.

Croydon was London's cheapest area with an average rent of £1,078. Barking & Dagenham as well as Havering were runners up as the most affordable areas in the capital with an average rent of £1,209.

The Index also found that London was the highest region with the rent to income ratio, having a 5% variance year on year. The North East region was last with a 23.6% rent to income ratio, without any variance year on year.

Northern Ireland enjoyed the highest year on year increase in the average monthly rent of 4.5%, The South East region had the highest increase of 2.6% in July against June.

The Rental Index also found nine of the regions had rent increases in July, whereas Scotland, the North East and the East of England all suffered from a fall in rent from June.

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