Rents spiralling at record 12% a year rate in London in new cost-of-living blow, official figures
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Rents in London are spiralling at a record rate, according to official figures. They show rent inflation in the capital in the 12 months to November hit nearly 12 per cent. The hikes are making it increasingly difficult for many people to find a home they can afford in the city.
But the Office for National Statistics said house price growth in London was now the slowest in the country. In an update on the property market, the ONS said: “London was the English region with the highest rents inflation in the 12 months to November 2024, at 11.6%.
“This annual rise was higher than in the 12 months to October 2024 (10.4%), and reflects a new record-high annual growth for London. “The rise in London’s annual inflation was caused by two consecutive months of large rent rises, compared with smaller rises a year ago.”.
The ONS added that in November 2024, the average rent was highest in London at £2,206 and lowest in the North East, some £700. However, annual house price inflation was lowest in London, at 0.2% in the 12 months to October 2024, though this was up from a decrease of 0.3% in the 12 months to September 2024.
The latest rise took the average house price in the capital to £520,000, far out of the reach of many families. The North East was the English region with the highest house price inflation in the 12 months to October 2024, at 4.7%. Average house prices increased in England to £309,000 (3.0%), in Wales to £222,000 (4.0%), and in Scotland to £197,000 (5.5%), in the 12 months to October 2024.
