Rents in London rise at more than double the rate of inflation

Rents in Greater London rose by 6.7% over the past year – more than double the rate of inflation, according to the January 2013 HomeLet Rental Index.

This month’s report shows the average cost of renting a home in the London is now £1,224 per month. This is a significant 84.9% more expensive than the UK average cost of renting a home, which is now £777 per month.   These increases are significantly more than that of the UK consumer price inflation that remained unchanged at 2.7% for the fourth consecutive month in January, according to recently released figures from the Office of National Statistics.

  Tenants in London are therefore currently paying rent that’s 84.9% more expensive than those around the rest of the UK. With average rents appearing to continually increase, possibly it will only be a matter of time before renting in Greater London is 100% more expensive than the average UK amount.   However the East Midlands is the only region where average rents decreased, after lowering by 2.1% over the past year to £554 per month. (Source HomeLet)

So if you are an owner or tenant of one of these properties, be it in London, Cardiff, Edinburgh or Belfast or other UK areas, make sure you have the appropriate insurance. Information about HomeLet's products for example can be found Here