The average rent in Richmond area has grown 6% plus since last year

20th June 2024

The London rental market has continued to rise over this past year, despite the cost of living challenges.

Indeed, the average renting household in London (1.25 people) spends 40.4% of their earnings on rent compared to a UK average of 28.4%. 

This can largely be attributed to landlords having to pay bigger costs such as higher mortgages, and energy rates and that there’s less stock on the market and more people looking for rental properties.

Quite often there are multiple offers for rental homes, as seen at Major Son & Phipps. 

London is in fact the most expensive place to rent a home in the UK with an average rent of £2,121 for new lets.  

The areas that we cover actually comes in slightly less than this as it has an average rent of £2,098, a growth of 6% compared to the previous year, and £120 a month more. Meanwhile Kingston upon Thames has an average rent of £1,801 a month, a growth of 6.80% and £120 a month more. 

Both are significantly higher than the UK average rent that is £1,220 a month. 

Going forwards, the prediction is for prices to continue to rise but then stabilise as we head into 2025.  

Data compiled by the Major Son & Phipps team with references from Zoopla.