Leading Lettings Agency Reports 20% Increase in Rent Prices in London in 2019

The London lettings market has seen a significant increase in rent prices in 2019, according to a leading lettings agency. The agency reported that the average rent price in London has risen by 20% in the last year, with some areas seeing even higher increases.

The agency attributed the rise in rent prices to a number of factors, including an increase in demand for rental properties due to population growth and a lack of new rental properties being built. The agency also noted that the cost of living in London is increasing, making it more difficult for people to afford rental properties.

The agency’s report highlighted that the areas of London that have seen the biggest increases in rent prices are those that are most popular with young professionals and students. These areas include Hackney, Islington, Camden and Tower Hamlets, where rents have risen by up to 25%.

The report also noted that the increases in rent prices have been felt across all types of rental properties, from studio flats to family homes. This has made it increasingly difficult for people on lower incomes to find affordable rental accommodation in London.

The agency warned that the increases in rent prices could have a negative impact on the city’s economy, as people may be forced to move out of London due to the high cost of living. They also warned that the increases could lead to a decrease in the quality of rental properties, as landlords may be tempted to cut corners in order to keep up with the rising costs.

The agency concluded their report by calling on the government to take action to ensure that rental prices remain affordable for all. They suggested introducing measures such as rent caps and rent controls, as well as increasing the supply of rental properties.

The news of the significant increase in rent prices in London is concerning for many people living in the city. It is clear that action needs to be taken to ensure that rental accommodation remains affordable for all.

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