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According to Homelet, the UK’s largest supplier of referencing and specialist insurance to the lettings industry, the average rent is still rising, and the private rental sector continues to boom.
In March this year, the average rent achieved across the UK was £764, a huge 5% increase on the same time last year. London saw the highest increase of 6.1% compared to the same time last year. Rents in Greater London are now a massive 75% higher than the average rents achieved in the rest of the country.
Unfortunately this boom in London rents is costing tenants dearly, as the average income in the capital was actually 3.5% lower in March 2012 than the same time in 2011.
This continues to cause concern for London’s tenants, and increases the pressure on the newly re-elected Mayor, Boris Johnson, and the Government to put changes in place to stop the increasingly unaffordable housing situation in the capital.
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