London Daily

Focus on the big picture.
Friday, May 09, 2025

Londoners facing squeeze as rental prices surges by 23%: ‘It is alarming’

Londoners facing squeeze as rental prices surges by 23%: ‘It is alarming’

Londoners trying to find a rental property in the capital are now facing record average prices of £571 a week, new research has shown.
According to data from Foxtons, rents in the first nine months of the year have risen by 22 per cent since last year.

Property website, Rightmove has also reported that rental enquiries have increased by 23 per cent in comparison to last year.

Due to such high demand, renters now face surging bidding wars with other potential tenants or being asked for large sums of money up front in order to secure the property.

Speaking to the Standard, Daniel O’Sullivan, 41, a self-employed composer, needed to move properties quickly after separating from his wife – due to his fluctuating income he has at times needed universal credit support.

With the added pressure of finding a secure environment for his two children, Mr O’Sullivan found a property in Upper Norwood in February.

He said: “It was very stressful in January. Firstly, there’s the referencing issue where you have to prove that you earn 50k a year. Which to me is absurd.

“A lot wouldn’t accept anyone that received help, so you’re discounted from many places already

“It’s highly selective and geared towards people with higher earnings. It’s highly unsustainable.”

Although the rent cost a surprisingly reasonable £1,400 for a semi-detached house, he was asked for a deposit covering five weeks rent and six months payment up front.

This left him asking money from his family, adding: “I’m still in debt to a member of my family who helped me out - it’s alarming.

“I never thought I’d be in that situation.”

Despite asking for and being assured of a long lease, Mr O’Sullivan soon had photographers visiting the property amid plans to sell it.

He moved to a new property in October but is still yet to receive his previous deposit.

Laurence Russell, a 28-year-old business journalist and organiser for the ACORN Renters Union, moved to Brixton in October 2021 from Crawley where he had been paying £550 a month.

“It was really scary going through the market. I needed to move out quickly and needed to find something soon.

“I viewed properties on an accelerated timescale and I saw a lot of horrific places which I couldn’t see myself going for and many which weren’t in my price range.

“It was scary seeing places and thinking that I would indeed to try and make a life here for the sake of my job.

When his tenancy expired this October, the landlord attempted to raise the rent from £1,400 for he and his housemate to £1,800.

Although this was reduced to £1,600 after negotiations, he was charged surprising one-off fees for a property which he said had a leak.

“Looking at this rental increase is quite existential because, you suddenly thought the life you had an idea of is not really possible to an extent.

“Me and my housemate have said that we can probably afford the rent for another year but after that, who knows.”
Newsletter

Related Articles

0:00
0:00
Close
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Reform UK Surprises in British Elections, Challenging Traditional Two-Party System
180-Year-Old Christian University in South Carolina Announces Closure Due to Unmet $6 Million Fundraising Goal
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Dutch Politician Eva Vlaardingerbroek Receives Spyware Threat Alert from Apple
Paramount Board Considers Settlement in Trump’s $20 Billion Lawsuit Over "60 Minutes" Interview
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Deadline Looms for RTS Meter Replacement: Hundreds of Thousands at Risk of Heating Disruption
Sweden Grapples with Deadly Gun Violence: Suspect Arrested After Three Young Men Killed in Uppsala Hair Salon
Walz Reveals Why Harris Chose Him as Her Running Mate and Reflects on Democratic Losses
Spain Restores Power After Unprecedented Nationwide Blackout
Carney Secures Liberal Mandate in Canada’s Federal Election
Death Penalty Sought as Luigi Manion Pleads Not Guilty in CEO Murder Case
President Trump contacts Jeff Bezos after reports of Amazon considering listing tariff surcharges; company clarifies no such plan for main platform
Spain and Portugal Recover from Massive Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
“Sharia for UK, Allah Akbar!”
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Incident Reflection: A Harsh Reality Check
Pakistani migrants to Danish man: “ “We have 5 children while you have 1 or 2. In 10 years, there will be more Pakistanis than Danes here.“
Clashes Erupt in London as Tensions Rise Between Indian and Pakistani Communities
Specialized anti-drone weapons deployed among security personnel Ahead of Papal Funeral
How do you fix this culture?
×