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15th Mar 2013 10:00am | By Editor
London rents rose at an unprecedented £54-a-month over the last year.
The story of rental costs in London remains in stark contrast to the rest of the country.
In England and Wales as a whole rents in fact less by 0.3 per cent per month.
Conversely rents in London have continued to soar in comparison, up 5 per cent in a year, with most handing over an average of £1086 per month.
The cheapest areas of London appear to be in the North East where private tenants can expect to hand over a just £520 per month.
London's housing prices have remained relatively stabled throughout the financial crisis and recession, down in large part to foreign buyers.
The estate agent Savills reported that the majority of large properties in the capital were being bought by foreigners.
Londoner's wages on the other hand have stagnated, and with the mortgage market sluggish, many more of those living in the capital have been forced into the long term rental market, as opposed to buying a property.
All this has conspired to create a perfect storm, pushing up rents when Londoners can least afford it, with little in the way of alternative.
However there is some good news on the horizon for those wanting to buy and renters.
The Council of Mortgage Lenders reported that more mortgages had been agreed in 2013 than since 2008.
Image via Getty
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