Meanwhile, capital has more property millionaires than ever before
LONDON rent prices are at their highest ever level with average rents well over the £1,000 barrier, according to the latest figures out today (22.06.12).
The average rent for a property in the capital stood at £1,038 in May, up 4.2% on the same month last year, reports LSL Property Services, who predict worse is yet to come.
"Given this appetite for rental accommodation, rents are unlikely to see sustained declines any time soon," said LSL's David Brown.
For many Londoners, the hefty rent rises seen in recent years have had drastic effects.
"Shelter research shows that 38% of families with children who are renting privately have cut down on buying food to pay their rent." said Campbell Robb of Shelter.
Meanwhile, at the other end of the scale, London now has more property millionaires than ever before.
A survey published yesterday by property website zoopla.co.uk estimated that there are close to 100,000 London properties valued at over the million pound mark, with usual-suspect areas like Chelsea, Hampstead, Kensington and Wimbledon Village leading the way.
Top placed Kensington posted average house prices of £1,873,866, up five per cent on last year.
"International demand for prime properties in the nation’s premium postcodes has boosted prices in London and the South East and further widened the gap between the haves and have nots," said Nicholas Leeming of zoopla.