I recently asked a London housing expert to summarise for me what was required to solve the capital's housing crisis. He responded with three words: more; better; cheaper. Translating that trinity into reality will require something other than the government slashing grants and an acquiescent mayor sitting back while the more ruinous market forces have their way. But let's leave solutions for another day. Make that several other days. Instead, let's focus for now on the latest gloomy symptom of the problem.
According to the HomeLet rental index, which tracks private rented sector rents, the average rent in the capital has risen by 6% in the past year, by 16% in the past two years and by a staggering 32% since 2009 - up by a third in just three years to a numbing £1,240 per month.
This is entirely insane, and also underlines how distinctively so in the capital. Rents elsewhere have risen by only 7% since 2009. "On average this means tenants in the capital are now paying almost 90% more than those living in rented homes in the rest of the UK," says Homelet.
HomeLet's managing director Ian Fraser puts some of the increase down to people relocating to London in search of work and underlines that "with a lower volume of people buying their own homes in the capital because they're priced out of the market, the private rented sector within Greater London is being increasingly strained." He expects the gap between London and the rest of the country to keep on growing. More, better and cheaper seems a very long way off.
