The cost of renting a property in London has reached a new all-time high despite a slowdown in the increase of average salary, new research says.
The average rent in Greater London increased to £1,202 in August, compared to £1,154 the previous month, according to tenant referencing specialist HomeLet.
This is an increase of 12.2% compared to the same time last year.
Over the same period, the average salary of tenants in the region has increased by just 2.4%.
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.”
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