Rental prices in London have risen to an average £2,000 a month, the highest it has been in three years. This is the first time that the capital has had the strongest-performing rental market since 2014.
The price increase has been fueled by a shortage of new rental properties in the city meaning average rents are now 3.4pc higher in London than this time last year, according to Rightmove’s rental tracker.
Elswhere, average asking rents have risen by just 0.7pc over the past year, to £796 per month, the price rise slowed down by flat rental markets in the south west and south east. On a quarterly basis, prices have risen by 2.7pc.
Rightmove found that nationally, on average, it takes a letting agent 36 days from the time a rental property goes on the market until its let is agreed, while it takes 40 days in London.
