London rents hit £1,515 per month - more than double the UK average

Posted 17 July 2015 by Stephen Maunder

New research by HomeLet shows rent prices across the majority of the UK are rising, with the average rents (excluding London) now £747 per month for the three months to June 2015, an increase of 7.8% against the same period last year

London prices are more than double the average for the rest of the UK (£1,515 per month). The capital is not alone, however, in experiencing double-digit rent price growth. While the majority of UK regions saw rent prices increase by less than 10% in the three months to June 2015, both the South East and South West of England saw rent prices rise by 11% in this period.


The research also shows that in the year to June 2015, the city with the highest percentage of new tenancies being signed by people moving into the area was Wakefield, with over a quarter (28%) moving from elsewhere in the UK. 



Top five UK cities with highest percentage of new tenancies signed by people moving in to the area

  • Wakefield (28%)
  • Coventry (26%)
  • Brighton (24%)
  • Nottingham (20%)
  • Greater London (18%)

Some cities have seen significant increases in the proportion of new tenancies being signed by incomers to the area since the recession. Wakefield and Coventry have seen these figures rise by 7% and 4% respectively since 2007/08. However, it is Greater London that has seen the largest increase, with 18% of new tenancies signed by people moving in to the capital to rent, compared to just 11% in 2007/08.

The Index also reveals the UK cities in which tenants are most likely to choose to stay, by analysing the proportion of tenancies being signed by people who have previously lived elsewhere in the same city. Belfast, Cardiff and Birmingham, for example, are all popular with people who live there – more than 95% of tenancies in each of these locations were taken on by someone already resident in the area.

Top five UK cities to retain tenants in 2014/15

  • Belfast (99%)
  • Cardiff (97%)
  • Birmingham (97%)
  • Sheffield (95%)
  • Bristol (95%)


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