This year in October 2022, there has been significant competition for London lettings in which renters have been spending over their registered budget. In October 2022, London residential rents reached the highest record of £571 per week. In the previous month, it was £533 per week, which reveals a 4% increase in just one month.
Central London rental costs increased by approximately 30% year on year to an average £643 a week.
Compared to 2021, renters’ weekly budgets were much higher, with an average weekly renter budget of £485 in October 2022. This is over £20 more than the average budget in October 2021.
Based on previous years, it is often the case that Londoners choose “not to move house during holiday seasons, and different tenancy lengths are negotiated such as 15 months as opposed to 12 months, to avoid properties coming on the market this time of year. This year (October 2022), there were 22 applicants per new listing last month, which is higher competition in October than we have seen even pre-pandemic in 2019.” (Sarah Tonkinson, managing director, Institutional PRS and Build to Rent).
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