London rents have risen again, reaching new record levels. In July, the average weekly rent was £597, which is up by 12% compared to the same time last year, according to Foxtons Letting Index.

Is it easier or harder to find a property?
It’s competitive out there. Even though there are more properties available to rent than last year (by 6%), many people are looking, making it a tight market.

Why is it so busy in July?
July is a busy month for the London rental market. Families are moving to London, new graduates are starting jobs, and students are preparing for the next school year. This means a lot of people are looking for places to live all at once.

How does Central London compare to other areas?
Central London is the most expensive. The average rent there is a hefty £680 per week. Plus, it’s the only place where, on average, people are spending more than what they planned for – 102% of their budget to be exact.

Are there more properties available now?
Yes, there’s some good news! New property listings in July went up by 6% compared to last year. This means there are more choices out there.

What about the competition among renters?
On average, for every new property listed, there were 21 people interested in renting it. In some areas like East and South London, the competition was even stiffer, with 26 and 30 applicants per property, respectively.

In a nutshell:
Rents in London are rising, and while there are more properties available this year, there’s a lot of competition among renters. If you’re looking to rent, be ready to act fast and keep your budget in mind, especially if you’re eyeing Central London!