London rents have soared to a new all-time high, figures out today reveal.
The average monthly rent in the capital is up by 4.2 per cent over the year to May to hit £1,038, topping the previous high set in November.
David Newnes, director of LSL Property Services, which compiles the figures, said competition among tenants unable to afford deposits for a home is pushing up rents.
Campbell Robb, chief executive of Shelter, warned: “For thousands of families priced out of owning a home, renting is fast becoming a way of life.
“With rents rising in London, many families are facing a daily struggle to make ends meet.”
Green Party London Assembly member Darren Johnson said: “It is appalling that working people are being priced out of swathes of London by rent rises.”
