London
Renting in the UK is now more expensive than ever because landlords are asking for an average rent of £1,172 ($1,18,460) per month. According to the research, rent in Inner London exceeded £3,000 (303225) for the first time last year, and in the fourth quarter of 2022, the city’s average rent also hit a record high of £2,480 (250666).
The average rent for newly listed houses outside of London increased by 9.7% last year, which was the second-highest annual rent gain ever. This comes after 2021 experienced the biggest year-over-year growth of 9.9%. The disparity between renters and available housing has led to speculation that rents in Britain could increase by another 5% this year. Even while the intense rivalry among tenants to locate a place to live is beginning to lessen, it is still twice as intense as it was in 2019.
Another striking development is that homeowners in London are now avoiding internet marketplaces and selling their residences over Whatsapp on their own terms. According to a senior analyst, tougher requirements have boosted the number of homes costing more than £1 million ($1.2 million) that are being secretly advertised.
