London’s skyrocketing rental market infographic
Graphic charts home rental prices in London and the UK.
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ECONOMY

UK tenants “facing a crisis like never before”

By Ninian Carter

July 21, 2023 - Average rental costs for new tenants in London have soared to a record high of £2,567 ($3,310) per month – an increase of 28% in just four years, fuelled by rampant demand and higher mortgage rates.

Rental costs for new tenants in London have hit a record in the second quarter of 2023, as soaring demand and higher mortgage rates motivate landlords to raise prices.

Home renters in the capital must now pay on average £2,567 (€2,966, $3,298) a month – up 14% on 2022, and 28% on 2019.

Outside London, asking rents also reached a record – £1,231 (€1,422, $1,582) per month, up 9% on 2022, and by a third from 2019.

The increases mean thousands of people are battling to stay in their homes – sure to be a hot topic for both major political parties ahead of a general election expected next year.

As Polly Neate, chief executive of housing charity Shelter, puts it: renters are “facing a crisis like never before”.

Sources
PUBLISHED: 21/07/2023; STORY: Graphic News
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