Are you looking to rent a property in London? Knowing the average rent in the city is essential for homeowners who buy to rent, as well as for those who are looking for a place to live. HomeLet states that rents in London have decreased by 15.7 percent compared to last year. The average rent for a room in London ranges from 150 to 260 pounds. As for homeowners who want to invest in these areas, lower purchase costs and the average increase in rents could generate healthy returns in places that seem to become more popular over time.
The average rent in London reached a record of 553 pounds sterling a week last month, with nearly 30 applicants competing for each property. Average rental prices in London have increased by 14.3 percent only compared to last year's rental market data. An Evening Standard investigation has revealed the average cost of renting a flat in every district of London and, as expected, the highest average rents for rooms, studios and one-bedroom properties are much closer to the center. In third place, and with a slightly lower price, is Camden, where apartments cost an average of 2,499 pounds a month to rent.
These are the areas of London with the lowest average monthly rent for properties with four or more bedrooms. The average annual cost of renting in London is currently 26,316 pounds sterling, which is by far the most expensive rate in the United Kingdom and almost 3000 pounds a year in monthly expenses.