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London rents rise to record high

Thursday, 15 September 2011 1:49 PM

Average rents in London soared to record levels in August despite continued economic instability, according to research by tenant referencing specialist HomeLet.

Tenants were charged an average of £1,202 in August, up from £1,154 in July and a 12.2 per cent increase on August last year.

However, tenants’ living standards are being squeezed as their average salary has increased by just 2.4 per cent over the last 12 months.

The research also shows that the average tenancy length in the capital has fallen from 27 to 22 months over the last two years.

John Boyle, managing director of HomeLet, said: “Tenants in the Greater London area are stretching their budgets more than ever, not only due to an increase in rental costs, but also rising energy costs following the announcement by utility companies that gas and electricity prices are set to soar even higher. This isn’t a good sign for some tenants who may struggle as winter approaches and the cost of running a home increases even more.

“The decrease in tenancy lengths would indicate that tenants are starting to move more frequently again. And we can expect tenancy lengths to decrease in 2012, as the level of high value short term rentals increases in 2012 during the Olympic Games, which is positive news for letting agents.”

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