London Rents Surge to Record 12% Amid Cost-of-Living Crisis
Rents in London have skyrocketed, hitting a staggering 12% increase, making housing even less affordable for residents.
London, UK, Rents, Housing Crisis, Cost of Living
London: Wow, have you seen the latest on rent prices? They’re going through the roof! Official figures show that rents in the capital have jumped nearly 12% in just a year. That’s a huge hit for anyone trying to find a place to live.
It’s getting tougher for folks to afford a home in the city. The Office for National Statistics pointed out that while rents are soaring, house prices in London are actually growing at the slowest rate in the country. Can you believe that?
In their update, they mentioned that London had the highest rent inflation in England, hitting 11.6% over the past year. That’s up from 10.4% the previous month, which is just wild. It seems like two months of big rent hikes really pushed those numbers up.
As of November, the average rent in London is a staggering £2,206, while in the North East, it’s around £700. Quite a difference, right? And even though rents are climbing, house prices in London are only growing by 0.2%, which is the lowest in the country.
The average house price in London is now £520,000, which is way out of reach for many families. Meanwhile, the North East is seeing the highest house price inflation at 4.7%. It’s a mixed bag across the country.
Overall, average house prices in England, Wales, and Scotland have all gone up, but London is lagging behind. The head of housing market indices at ONS, Aimee North, said that while rental prices are climbing, house price growth is the slowest in London.
To tackle this housing crisis, the Labour government has promised to build 1.5 million new homes during this Parliament. Let’s hope that helps ease the situation a bit!
And just to add to the mix, inflation has also risen to its highest level since March, hitting 2.6% in November, mainly due to rising petrol prices. It’s a tough time for many people out there.