Rents in London jump 8% in February

Robert Holmes estate agents
More than eight applicants chase every property to rent in London

London landlords increased rents by an average of 8% in February compared with the same month last year after the supply of property available to tenants fell 17%.

In London, there are 8.5 applicants to every property available to rent, up from 5.3 one year ago, according to data from property firm Marcus Barnard. For the rest of the UK, there are 5.2 potential tenants vying for every property on the market, up from four last year.

Marcus Barnard’s data puts the average monthly London rent is now £1,507, more than double the UK average of £705.
However, an earlier government survey found the average monthly rent for a property in London rose 8.4% over the past 12 months from £1119.30 to £1213.33, while for the rest of England average monthly rents rose from £706.33 to £763.96.

For the UK, there are 5.2 potential tenants vying for every property on the market, up from four last year.

The figures from Marcus Barnard are broadly in line with data from an earlier Government housing survey that show private landlords increased the rents they charge tenants by 8.2% last year, government figures suggest.
The Government’s housing survey found that the average monthly rent for a property in London rose 8.4% over the past 12 months from £1119.30 to £1213.33, while for the rset of the country average monthly rents rose from £706.33 to £763.96.