London Home Rental Prices Hit Record as Demand Outstrips Supply

Average asking rents for new tenants in London shot up to a new record in the second quarter as rampant demand and higher mortgage rates prompted landlords to hike prices.

Tenants in the capital are now being asked to pay an average of £2,567 ($3,310) a month — up 13.7% from a year ago and by 28% from the same time in 2019 before the pandemic. Outside London, asking rents are also at a fresh record of £1,231 per month, up by a third from 2019 and 9.3% from a year ago.