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London rents rose at the fastest pace on record in November, according to official data that highlights the intensifying pain for tenants after two years of rising costs.
Rents in London increased by 11.6 per cent in the 12 months to November 2024, the fastest annual pace since records began in 2006, the Office for National Statistics said on Wednesday.
The average monthly rent in London exceeded £2,200 for the first time, pushing the average for the UK above £1,300.
Driven by London, UK rental annual growth also accelerated to 9.1 per cent in November, up from 8.7 per cent in the previous month and just shy of the 9.2 per cent record increase registered in March 2024.
The particularly fast pace of rental growth in London means that “something has to give”, he added.
Rents have been rising sharply for the past two years as landlords passed on rising costs, amid a shortage of properties to rent and strong demand from tenants who could not afford higher mortgage payments. However, a survey of estate agents published last week showed that expectations for rent growth over the next three months eased in November as demand declined. ONS rents data collects both existing and new tenancies, which means it could take longer for turning points to be reflected.
