London sees skyrocketing rent, landlords demand up to ₹3 lakh: Report

Citing the imbalance between the people looking to rent and available properties, the rents across Britain could rise a further by 5 per cent this year.

Living in the United Kingdom has now become more expensive than ever as landlords are now demanding an average rent of £1,172 ( ₹1,18,460 ) per month, reported The Telegraph, citing property portal Rightmove. As per the report, the rent in Inner London surpassed £3,000 ( ₹303225) for the first time last year while the city’s average rent also reached a record high of £2,480 ( ₹250666) a month in the fourth quarter of 2022.

Last year, it was the second-highest annual rent growth ever with average rents for newly listed properties up 9.7per cent outside London.(Reuters File)

Last year, it was the second-highest annual rent growth ever with average rents for newly listed properties up 9.7per cent outside London. This comes after 2021 saw the largest year-on-year increase of 9.9 per cent.

Citing the imbalance between the people looking to rent and available properties, the rents across Britain could rise a further by 5 per cent this year. “Although the fierce competition among tenants to find a home is starting to ease, it is still double the level it was back in 2019,” Tim Bannister, of Rightmove, told The Telegraph.

“Letting agents are seeing extremely high volumes of tenant enquiries and dealing with tens of potential tenants for each available property.”

“There appears to be some more property choice for renters compared to the record low levels of last year which would slightly ease the fierce competition to secure a home,” he added.

In another dramatic change, London homeowners now are shunning online portals and are selling their properties on their own terms over Whatsapp, according to a Bloomberg report. “Tougher conditions have increased the number of £1 million-plus ($1.2 million) homes being marketed quietly,” a senior analyst at broker Hamptons told Bloomberg.