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Londoners face pressure as rental prices surge 22%: ‘It’s alarming’

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Ondonors looking for rentals property The capital is now facing a record average price of £571 a week, new research shows.

Foxtons data shows rents for the first nine months of the year are up 22% from 2021.

property site, right alignment It also reports a 23% increase in rental inquiries compared to last year.

With such high demand, renters are now facing a surge in bidding wars with other potential tenants and being asked to make large upfront payments to secure properties.

In an interview with Standart, 41-year-old self-employed composer Daniel O’Sullivan had to quickly move properties after separating from his wife.

Under additional pressure to find a safe environment for his two children, O’Sullivan found a property in Upper Norwood in February.

he said: First, there’s the reference issue where you have to prove that your annual income is his 50,000. silly to me.

“You are already discounted in many places because many do not accept those who have received help.

“It’s very selective and targeted at people with higher incomes. It’s very unsustainable.”

The rent for the semi-detached house was a surprisingly reasonable £1,400, but he was asked for a security deposit covering five weeks’ rent plus six months’ advance payment.

This led him to ask his family for money, adding:

“I never thought I would find myself in this situation.”

Mr. O’Sullivan asked for a long-term lease, and despite being guaranteed one, he soon had a photographer visit in the midst of a planned sale.

He moved into a new property in October and has yet to receive his advance payment.

Lawrence Russell, a 28-year-old business journalist and organizer of the ACORN Tenants Association, moved to Brixton in October 2021 from Crawley where she was paying £550 a month.

“It was really scary going through the market.

“Looking at properties on an accelerated timescale, I’ve seen many places that I don’t think I’d be able to go to, and many places that aren’t in my price range.

“I was scared to look at the place and think about living here for my job.

When his lease expired in October of this year, the landlord tried to raise the rent for him and his roommate from £1,400 to £1,800.

After negotiations, this was reduced to £1,600, but he was charged a startling one-time fee for a property he said had leaks.

“It’s pretty existential when you look at this rent increase, because suddenly you thought that the life you thought you had, to some extent, wasn’t really possible.

“My housemate and I say we can probably afford to pay rent for another year, but we don’t know what will happen after that.”

https://www.standard.co.uk/news/london/london-rent-price-property-market-market-uk-news-b1042880.html Londoners face pressure as rental prices surge 22%: ‘It’s alarming’

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