London landlords receive extra £94 a month in rent
Landlords in the UK are letting property for 99.9% of the asking rent – the highest value since 2007.
This figure is higher still in London where the average let was agreed at 100.9% of the asking price, according to the latest monthly lettings index.
Overall, the average UK rent is up 3.2% to £926 per month but the rate of growth has slowed when compared with February 2015.
London, however, has seen the largest growth in rents anywhere in the country since 2007, with rents 34% above their pre-recession record.
In the 12 months to February a total of 12% of lets in the UK were agreed at more than the initial asking price.
And one in five tenants in London pay more than asked for to secure a home.
The monthly letting index report calculates that this works out as an extra £94 per month for the average London tenant, which adds up to an extra £1578 in rental income for landlords over a typical 17-month tenancy.
At the other end of the scale, just one in 12 tenants in Wales paid more than the asking rent over the last year.
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