According to a survey by LSL Property Services, rent in England and Wales has been rising slower than the average cost of living for the past year. Average rent in the 12 months to May increased by £8 to £745 a month, an increase of 1.1%.However, regional differences showed that the average rent in London was more than twice that of the north-east England. The survey reported that the average rent in London in May was £1,124 compared with £513 in the North East. Yet the annual price rise in London was below the average rise of England and Wales, at 1%. The North East saw a 3.6% year-on-year fall.David Brown, commercial director of LSL Property Services, said “London is a dramatic example of how a prospering housing market can feed through to tenants.”“In absolute terms, the capital is naturally more expensive to live in than elsewhere, but the pace of change is now going in the right direction. In the last year, London’s annual rent rises have dropped from highs of almost 8% a year to only 1%.
The latest survey by the Office for National Statistics (ONS), published in April, found that private rental prices rose by 1% in the 12 months to March. This included a 1% increase in England, a 1.3% rise in Scotland and a 0.6% rise in Wales.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with residential property law solicitors in London and across the country.