As mentioned, London rents are significantly higher than average.
This, coupled with the steep cost of living in the capital, has led to reports of renters moving out of the city in search of a more affordable lifestyle. Some have turned their sights to cheaper commuter towns, while others have decided on cities in the north of England where rent and living costs are much lower.
But regardless of the climbing rental costs, demand for rental properties in London continues to far outstrip supply. While some renters have been priced out of the capital, London’s appeal hasn’t dwindled in the eyes of many others. The city is densely packed with world-class work and education opportunities that cannot be found elsewhere, attracting renters from other parts of the country and students and immigrants.
The private rental sector also provides accommodation for a higher percentage of Londoners when compared with the UK average. Nationwide, one-fifth of households reside in private rental properties, but this proportion is 30% in London, putting more pressure on the industry.