London’s skyrocketing rental market

Average rental costs for new tenants in London have asoared to a record high of £2,567 per month – an increase of 28% in just four years, fuelled by rampant demand and higher mortgage rates

UK MONTHLY RENTAL COSTS

£2,500
£2,000
£1,500
£1,000
£500
2012 2014 2016 2018 2020 2022

London

Covid-19 pandemic

UK, excluding London

Q2 2023: £2,567 per month (€2,966, $3,298)

Latest Bank of England interest rate increases

Q2 2023: £1,231 per month (€1,422, $1,582)

Sources: Bloomberg, Rightmove Picture: Massimiliano Morosinotto (Unsplash) © GRAPHIC NEWS