New figures from London agency Foxtons highlight the continuing imbalance between supply and demand across the capital.

It says rents were up 23 per cent in the year to date compared with the same period of 2021. Central London produced the highest average weekly rent at £627, a 33 per cent increase on 2021.

Supply continued to be unseasonably low, with new listings decreasing 40 per cent on last year.

According to Foxtons data, which covers the year up to and including July, the Central and South regions of London remained the most desirable, especially South London, which had 40 per cent more registrations.

In East London, a traditional rental hotspot for professionals in the capital, the competition increased to 38 renters per property.

Sarah Tonkinson, lettings managing director at Foxtons, says: “Putting aside renewals … London’s average rental price for new rents was £541 per week in July, hot on the heels of June’s £549 per week, which broke the record as highest monthly rental price in years. 

“This is due to high demand and low supply – aggregators have had 40 per cent fewer new listings year to date.

“As low stock and high demand are likely to continue for some time, we do not see average rental prices declining significantly in the coming months.”