According to real estate expert Nick Millican, rental prices in London have skyrocketed another staggering 11.6% in the last year in some of the city’s more “upscale” boroughs. The demand for rentals is far greater than the amount of rentals available throughout the entire city.
The average cost of a rental in London has now topped 2,625 pounds per month, which is far out of reach of many lower-to-middle-income renters and their incomes. As Nick Millican adds, even the mayor, Sadiq Khan, warned that rents will continue to increase.
This, unless rent freezes are put in place by early 2024, which is highly unlikely to happen in most London boroughs, real estate agent Nick Millican keeps on sharing. Rental units are so sparse that there are up to 25 potential tenants viewing just one unit that is up for rent in London.
Nick Millican further explains. London’s 2.7 million private renters are left with few other options other than to compete for housing and hope there is a unit they can afford that meets their family’s needs. Those tenants who are lucky enough to already have housing will face increases in rental prices.
Rental prices that may go up by as much as 25% by 2026. Many families and individuals living in these units will not be able to afford to stay. If they do, they will have to make extreme sacrifices in other areas of their lives to be able to afford a house to do so. As Nick Millican finally states, others will be one missed payday away from eviction or homelessness.