CITY AM – Priced Out
Soaring rents pose a ‘threat’ to London’s competitiveness as youngsters are priced out
CITY AM SAYS Soaring rents in London pose a “threat” to the capital’s competitiveness, a number of top business groups have warned, amid fears that young professionals are increasingly being priced out of the capital.
Rents in London jumped at their fastest rate since 2006 in October, rising 6.8 per cent on the same month last year, according to the latest figures from the Office for National Statistics.
A combination of dwindling supply and rising demand has also led to bidding wars amongst potential tenants as they offer more to secure a place to rent.
Figures from Zoopla, shared with City A.M., showed that one in 10 homes for sale on its website are landlords selling. Of these, more than half are properties in London and the South East.
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