Figures from the HomeLet RENTAL INDEX from November 2022 reveal that the average monthly price for a rental property in London has surpassed £2,000 PCM for the first time.

London’s most expensive borough is Westminster, with average rents costing £3,315 PCM, a 14.9% increase on last year’s figure.

Westminster has also been the most volatile in terms of annual change. In the past five years, rent prices have increased by 49.6%.

In London’s least expensive borough, Croydon, average rents cost £1,340 per month.

Croydon and Westminster are just 10 miles apart but the price difference is a staggering £1,975 between the boroughs.

The research also shows that Lambeth has seen the least annual change over the past five years, with rents already over £2,000 in 2017. In the past year, prices have only increased by 7.2%.

The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.  The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.