London’s average rent rises 17%

In a report Friday from Zoopla, London s average rents have gone up by 17% over the past year, due to a return to the office and a gap between supply and demand.

The average monthly rent in the capital stood at 1,879 US $2,306 in October, almost 300 more than the same time last year, according to the online property portal.

The story of rising rents isn't exclusive to London, though it is witnessing the steepest climb. Rents across the nation are on a downward swing, with particularly prominent increases in its major cities.

In Manchester the average monthly rent has gone up 15.6% annually, in Glasgow rents have gone up 12.3% and Birmingham renters are parting with 14.1% more than last year.

The average rent was 1,078 per month in October. That is an increase of 12.1%, or 117, from the same time last year.

The average income of a single earner is 35% of the monthly rent, the highest level in more than a decade, according to Zoopla.

Richard Donnell, executive director at Zoopla, said in the report that there is a chronic lack of supply behind the rapid growth in rents, which are increasingly unaffordable for the nation s renters.

The rising mortgage rates are putting pressure on the demand side, which is exacerbated by rising mortgage rates, which are putting them out of the market and pushing them into the rental sector instead.

The supply is insufficient to keep up.

Demand is currently 46% above the five-year average, but supply is 38% lower, according to Zoopla.

The renters are having to adopt a range of strategies to deal with rising rents, according to Mr. Donnell. There has been a rise in demand for one and two-bed flats while some renters are considering sharing a property to cover the cost of rent. They may need to stay with their parents or relatives at home until they can afford to rent privately. He said that the increasing unaffordability of renting will reduce rental increases in 2023 to 5% in the short term.