Jun
14

London Calling? Prepare to Pay Record Rents to Live There

By

Londoners are paying record rents when they change homes in the city as rising demand and a lack of supply allows landlords to charge more.

The average rent for a new lease in Greater London was 1,506 pounds ($2,333) a month in May, according to a statement Monday from HomeLet, the U.K’s largest reference-checking and rentals insurance company. London rents are already more than double the average for the rest of the U.K., the company said.

About 32,000 new homes a year are expected to be completed in London for the next five years, about 10,000 less annually than London Mayor Boris Johnson’s target, broker Savills Plc said in March. The shortfall is boosting rents, which rose 9.2 percent to 1,472 pounds in the quarter through May from a year earlier, according to HomeLet…

London Calling? Prepare to Pay Record Rents to Live There

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.