Rents in London hit a record high

July 7, 2012 - PRLog -- The cost of renting in England and Wales for the second month in a row witnessed a record-high within London with increased rental prices in the month of May. Sources reveal that the average rent on residential property increased by 0.4% in May to £712 a month.

The rents in London rose by 0.6% to hit an all-time high of £1,038 a month. Along with the highest rental amount per month, the capital was leading the rental change on annual basis at a rise by 4.20%. Whereas, the biggest monthly increases was witnessed in the North West and East Midlands, up 1.7% and 1% respectively.

Despite a significantly high rent in many areas of England and Wales, North East and West Midlands faced the largest falls recorded in rents, where they fell by 1% and 0.9%.

On an annual basis rents rose in almost all regions, fastest in London and the South East, but three regions - Wales, North East and East Midlands, were an exception to this general trend of rise in rents.

Rentals-London says, “As more and more people prefer the flexibility of renting over buying, it is inevitable that the demand for apartments to rent will increase and so would the rent. Going as per the demand for rental accommodation, it is improbable to see any consistent fall in rents. The trends show that rents are increasing, though by a small percentage.”

While the tenant population in general has coped well with high rents as such so far this year, the struggling economy and labour market means households will remain under financial pressure for some more time.

Website: http://www.rentals-london.co.uk