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Business News/ News / World/  This European city sees record house rent of 3 lakh per month. Read here
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This European city sees record house rent of ₹3 lakh per month. Read here

Property portal Rightmove has stated that asking rents across Britain will rise a further 5% in 2023 because of the ongoing imbalance between the number of those looking to rent and the number of rental properties available

FILE PHOTO- Traffic drives past the Big Ben in London, BritainPremium
FILE PHOTO- Traffic drives past the Big Ben in London, Britain

Residents in Britain's capital city London has been struggling with the rising living expenses the city has incurred int he recent times. However, a shocking fact has come to limelight, which states that the rent in the capital city of London has gone up to a record 2.5 lakhs and upto 3 lakhs in the inner circle of the city. 

London that boasts of old world charm with vantage cobbled paths, juxtaposed against quaint modernistic architecture, has now seen house rents go up to a record breaking 3 lakhs per month. 

According to Telegraph.uk, landlords are asking for a record high rent of £1,172 per month. Experts have also warned that these rates will rise further in the coming months. 

Property portal Rightmove has stated that asking rents across Britain will rise a further 5% in 2023 because of the ongoing imbalance between the number of those looking to rent and the number of rental properties available.

"Last year saw the second-highest annual rent growth ever recorded, with average rents for newly listed properties up 9.7 percent outside London. This comes after 2021 saw the largest year-on-year increase of 9.9 percent," the news outlet reported, citing the property portal Rightmove.

Telegrapg.uk quoted Tim Bannister of Rightmove, who said, “Although the fierce competition among tenants to find a home is starting to ease, it is still double the level it was back in 2019.

“Letting agents are seeing extremely high volumes of tenant enquiries and dealing with tens of potential tenants for each available property."

"Landlords will need to balance any rent rises with what tenants can afford to pay in their local area to continue to find tenants quickly and avoid any periods where their home is empty due to tenants not being able to meet the asking rent," said Rightmove's director of property science, Tim Bannister.

"There appears to be some more property choice for renters compared to the record low levels of last year, which would slightly ease the fierce competition to secure a home."

The rent rates are so high that some people are using it as a side hustle to make extra money. A few days ago, a report in Metro News stated that a London banker has made 7,000,00 from renting out two unused parking spaces at his home in Dalston, east London, for six years. He advertises the spaces monthly for 10,000 and all he has to do is list them online.

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Published: 28 Jan 2023, 05:11 PM IST
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