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UK Rental Market: London & South East rents surge

Greater London and the South East saw the new cost of rental records broken in September, Goodlord research shows.

Renters in London are now paying £2,275 per property – an increase of 6% month-on-month and the first time the Index has recorded an average cost above the £2,200 threshold for the capital.

It was a similar story in the South East, where rental costs breached the £1,500 barrier for the first time. Rents in the region are now £1,524 on average – a 2% rise on August figures.

The North West and the West Midlands also saw marginal rises of 1% in the cost of the rent.

William Reeve, chief executive of Goodlord, said: “Whilst this September didn’t bring the nationwide bump in rental prices we saw last year, records were smashed across London and the South East – with rental costs now significantly higher than their 2022 and early 2023 levels.

“The onset of autumn typically brings a period of stability when it comes to prices, but with pressures on the market more intense than ever, we doubt September represents an end to the cycle of price setting which we’ve seen over recent months.”

Rents stand nearly 8% higher than prices seen at the same time last year.

Tenants moving in September have slightly lower salaries, however.

The average salary of a tenant in England dropped from £37,037 in August to £35,386 – a reduction of 4.5%.

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