Accommodation prices in London have never been a secret, residents struggle to meet the ends juggling living costs and inflation.
According to a media report, average asking rents in London have hit a record £2,480 per month(Rs 2,50,000) amid fierce competition for properties in the capital. The report said average rents in London jumped 15 percent annually to reach £2,480 at the end of last year while asking rents in inner London climbed even higher to pass £3,000 for the first time ever. The most expensive regions include the South East, which costs around £1,667 to rent, and the East of England, which averages £1,418 per month.
As per published data, rents in the Q4 of Fiscal year 2021-22 showed an annual increase of 15.7 percent for asking London rents and a 5.8 percent rise on the previous quarter surpassing Rs 3,000,00 for the first time.
The report further mentioned that in the first few weeks of this year, there have been signs that competition for homes available to rent is starting to ease as more properties become available but the imbalance between demand and supply remains a huge frustration for tenants.
Across the UK, Wales and the South West have seen the biggest jumps in the number of properties available to rent, leading to a marginal drop of one percent in average asking rents.