Record average rents hit £761 per month - or £1,160 in London


Click to follow
The Independent Online

Rent charges are rocketing to an all-time high of £761 a month, putting more tenants than ever into financial difficulties.

In London the situation is becoming even more difficult for renters, with average monthly charges reaching £1,160.

That’s an increase of three per cent in the past 12 months in the capital, compared to a 2.4 per cent increase across the country, according to new figures published today by LSL Property Services, which owns the estate agent chains Your Move and Reeds Rains.

Highlighting the problems that the soaring rents can cause is the fact that, according to the research 8 per cent of rents were paid late or not at all in August.

That’s the highest level of people struggling to cope with their finances recorded since last Christmas, when money is notoriously tight.

“Our housing market is completely out of control and England’s nine million renters are paying the price,” warned Campbell Robb, Shelter’s chief executive.

“Successive Governments’ failure to build enough affordable homes and soaring house prices are leaving more and more families with no choice but to live their lives in expensive and unstable rented homes, never certain of what the future holds. “And sky-high rents mean hopes of escaping the ‘rent trap’ are fading fast for many. We hear from people every day who can barely keep up with their housing costs each month, making saving for a home of their own a mere pipe dream.”

He said its time for politicians to start to get serious “about building the affordable homes we urgently need and give ‘generation rent’ the chance of a stable home”.

Looking for credit card or current account deals? Search here