The latest data from Homelet has been released and shows that, as interest rates have risen, so has the average rent in the capital, hitting a new record high of £1600.
According to Homelet's analysis, average rents in London have hit £1,615 - a 3.3% rise on last year and the first month on record that average rents in Greater London have surpassed £1,600.
Homelet found that the average rent in the UK is now £937, this is up by 1.3% on the same time last year. When London is excluded, the average rent in the UK is now £777, up by 1.0% on last year.
The region with the largest year-on-year increase is Northern Ireland, showing a 4.5% increase in average rental prices. The region with the largest month-on-month increase is the South East, showing a 2.6% increase between June and July 2018.
Whilst nine of the regions identified by the HomeLet Rental Index saw rents rise this month, Scotland, the North East and the East of England saw rents fall from June to July 2018.