Regional variation has led to the average London rent exceeding twice that of North East England, according to the latest data from LSL Property Services.
The average London rent in May was £1,124 compared to £513 in the North East. Year on year national rent increases reached 1.1 per cent, with London falling just below this at 1 per cent. In contrast, the North East saw rents fall by 3.6 per cent. However, the national rise marks the 12th successive month that rents have risen below the rate of inflation.
Average rent was said to be up by £8 over the last year, reaching £745 in May, although figures from Move with Us suggested that this figure may well have exceeded the £1,000 mark, and has reached double that in London.
Rents rose by 0.6 per cent in May, according to LSL Property Services which owns the UK’s largest lettings agent network, including national chains Your Move and Reeds Rains. This makes the average rent in England and Wales £745 per month.
Commercial director of LSL Property Services, David Brown, said: ‘London is a dramatic example of how a prospering housing market can feed through to tenants. In absolute terms, the capital is naturally more expensive to live in than elsewhere, but the pace of change is now going in the right direction. In the last year, London’s annual rent rises have dropped from highs of almost 8% a year to only 1%. Elsewhere, six other regions have seen the same trend, with annual rent rises lower than a year ago. Thanks to landlords, rents are now rising across England and Wales at a third the pace of a year ago.’