The lack of affordable homes in London means prospective tenants have a fight on their hands (Picture: Alamy)
Private rents in London may be almost double those in the rest of the country, but tenants still face steep competition to secure somewhere to live as demand outstrips supply.
Landlords typically charge £1,211 a month for one-bedroom flats and £1,605 for two-bedders. But across the rest of the UK, the average is £665, according to figures from listings site Gumtree.
It’s a huge gap, but one that is likely to change as demand grows faster than supply in areas outside the capital, says Nick Dunning from property services group Countrywide.
‘The largest increases in demand have been in towns and cities where the most new jobs have been created as the recovery spreads outwards from London,’ he says.
Rents may be climbing but, surprisingly, most tenants say they are good value. More than 73 per cent rated their rent as ‘good’ or ‘very good’ in a recent survey by the National Landlords Association (NLA). Only 20 per cent, described their rent as ‘poor’ value with just three per cent rating it ‘very poor’.
The NLA found that most landlords hadn’t increased rents in the past year, with many tenants forking out the same rent (72 per cent) or less (3 per cent) than they paid the previous year.