Londoners pay record rents as landlords capitalise on shortfall

London

LONDONERS are paying record rents when they change homes in the city as rising demand and a lack of supply allows landlords to charge more.

The average rent for a new lease in Greater London was £1,506 (S$3,146) a month in May, according to a statement on Monday from HomeLet, the UK's largest reference-checking and rentals insurance company. London rents are already more than double the average for the rest of the UK, the company said.