WFH and HS2 increase rental inflation outside London

The cost of renting a home in London is now on average four times more expensive than some parts of northern England, new research shows. Renters now face having to fork up to £1,757 per month on average to secure the keys for a pad in Greater London.

However, in the North East average rents are hovering around £503 a month.

The National Association of Property Buyers, who collated the figures, say it underlines once again how the UK is suffering from a “chronic housing shortage”.

Spokesman Jonathan Rolande, also the co-director of House Buy Fast, said: “The pandemic has seen a surge in house prices, but it has also created a goldmine for landlords too.

“Rent rates in many areas have sky-rocketed and although London has predictably seen the steepest climbs the Midlands and the northwest have also recorded really marked increases.

“Work from home and HS2 have made living outside of London more desirable which has had a knock-on effect on rent.

“Also I think many people aged 18-30 have simply given up on the idea of ever owning a home and are instead spending a bit more money on a beautiful rental property rather than putting a bit of cash away for a deposit.

“There’s little sign the trend is going to change so expect rents to carry on going one way; up.”