The average cost of renting a home in the capital is now £1,242 a month, according to new figures from HomeLet. The increase of 7.3 per cent in February is more than any other region's, while average rents in the North East have droppedby 3.3 per cent over the past year to £505 per month.
In the UK as a whole, the average cost of renting a home increased by 3.9 per cent to £777 a month, although rents fell in Wales by 6.6 per cent to £542 per month.
“There is a clear North/South divide within the lettings industry with regards to rental amounts," said Ian Fraser, HomeLet’s Managing Director. "However, even though tenants in the North East earn less than their counterparts in the capital, it appears they may have more disposable income. Our data shows an average tenant renting on their own in the North East pays around 27 per cent of their income towards rent. In contrast, the average rent for a tenant in Greater London would account for a substantial 40 per cent of their income.
“The difference between renting a home in Greater London and the rest of the UK is now 89.9 per cent, the highest on record. With seven of the 12 UK regions already home to rents that are less than half those in the capital, it will only be a matter of time before rents in Greater London are double the overall average UK amount."Reuse content