London rent is 82 per cent more than UK average
While the average UK rent has dropped over the last three months, renting in London costs 82 per cent more than any other British location, according to latest figures.
The May 2012 HomeLet Rental Index confirmed a one per cent drop in overall rent across the country, bringing the average amount paid by tenants to £653 per month, rman.co.uk reports. However, rents in London were found to have risen by 2.5 per cent, resulting in an average monthly rent of £1,187 - a significant amount more than anywhere else.
The news shouldn't come as any great surprise: doing anything at all is typically more expensive in the Capital. However, the prices may be deterring some people from living in London or causing others to struggle. Demand in some prime, central sites has started to decline.
As such, the Institute for Public Policy Research (IPPR) has suggested that Mayor of London, Boris Johnson should introduce a maximum rental cap, as part of what standard.co.uk calls a 'New York-style housing shake-up'. The reform is much-needed, the IPPR claims, in order to reduce costs for tenants and to improve the quality of private landlord lettings.
In New York, a 'rent stabilisation board' agrees any future rent rises and it is this model that the group seeks to emulate.
Other proposals outlined by the IPPR also include the use of 'mystery shopper' inspections to check on the standard of rental accommodation let to those on housing benefits and the idea of a five-year tenancy agreement for families with children.