THE cost of renting a home in London is now FOUR times more expensive than some parts of northern England, new research shows.

Renters now face having to fork up to £1,757 per month to secure the keys for a pad in Greater London.

But in the North East average rents are hovering around £503 a month.

The National Association of Property Buyers, who collated the figures, say it underlines once again how the UK is suffering from a “chronic housing shortage”.

Spokesman Jonathan Rolande, also the co-director of House Buy Fast, said: “The pandemic has seen a surge in house prices – but it has also created a goldmine for landlords too.

“Rent rates in many areas have sky-rocketed and although London has predictably seen the steepest climbs the Midlands and the north west have also recorded really marked increases.

“Work from home and HS2 have made living outside of London more desirable which has had a knock on effect on rent.

“Also I think many people aged 18-30 have simply given up on the idea of ever owning a home and are instead spending a bit more money on a beautiful rental property rather than putting a bit of cash away for a deposit.

“There’s little sign the trend is going to change – so expect rents to carry on going one way; up.”

Breakout:

Please see below for a number of stats about the cost of buying and renting a home across England.

According to the research the most Expensive Places To Rent A Home are:

1. Greater London

£1,757

pcm

2. South East

£1,139

pcm

3. East of England

£1,037

pcm

4. South West

£999

pcm

5. North West

£860

pcm

Least Expensive Places To Rent A Home are:

1. North East

£503

pcm

2. Northern Ireland

£718

pcm

3. Wales

£727

pcm

4. Yorkshire & Humberside

£730

pcm

5. East Midlands

£745

pcm

Most Expensive Places To Buy A Home In London

1. Kensington & Chelsea £1,403,815

2. City of Westminster £1,015,307

3. Camden £852,153

4. City of London £799,974

5. Richmond upon Thames £775,371

Least Expensive Places To Buy A Home In London

1. Barking & Dagenham £345,873

2. Bexley £384,200

3. Havering £400,902

4. Croydon £404,696

5. Newham £406,632

Most Expensive Places To Buy A Home Outside London

(England)

1. Elmbridge £695,382

2. Three Rivers £562,927

3. St. Albans £560,035

4. Windsor & Maidenhead £538,057

5. Hertsmere £529,978

Least Expensive Places To Buy A Home Outside London

(England)

1. Burnley £110,453

2. County Durham (excl. Durham) £118,943

3. Hyndburn £120,347

4. Pendle £123,246

5. Kingston upon Hull £125,726