The average cost of renting a home in Greater London is now a massive 82% more expensive than the rest of the UK, according to the latest HomeLet Rental Index.
The report shows average rents in the capital rose by 0.8% in May to £1,187 per month. This increase means the difference between the cost of renting a home in Greater London and the rest of the UK reach is the largest it’s ever been – according to HomeLet’s data.
Other headlines from this month’s report show:
- In May the average UK rent decreased over the month by 1% to £760
- Despite average rents being the cheapest in the UK, the North East saw more tenants moving away from the region than any other
- The North East is the only region in the UK to see its annual rental figure decrease consecutively over the past three years