Rental Prices in London at an All-Time High

Rental Prices in London at an All-Time High

It was reported at the beginning of November last year that London rentals were a record 108% higher than those in the rest of the UK. Rent in the capital had increased by 7.7% year-on-year and the average price for a rental property was £1,560 a month.

While the idea of paying more than R30,000 a month for a rental property may seem out of most South Africans’ league, there is a little good news: the average price of a rental home in other parts of the UK is a far more reasonable £749 a month (about R16,000).

At this stage the cheapest place to rent property is in Scotland where, according to a report by the BBC, the average price is £539. However there is a stock shortage in that country and as such, rents have been increasing rapidly. A rental property will now cost 9% more than it would have in 2014.

In England, the cheapest area in which to rent is in the northeast, where cities such as Newcastle upon Tyne and Sutherland are located. There, the average is £536 a month. The most expensive place to live outside London is in the southeast, where the average price of rental property in areas such as Oxford and Maidstone, in Kent county, is about £944 a month. This is a popular choice for those who work in the capital, and it’s easy to understand the area’s appeal. Surrounded by gorgeous English countryside, it’s also a fairly short commute to London.

 

Words: Lea Jacobs

 

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