As the Paralympic Games in East London ends, it seems landlords with property in the area are on a winning streak.
Reports that The Olympic and Paralympic Games have led to an increase in the cost of living in East London have been confirmed. Tenants are paying an average £1,250 a month after rent went up by 13.3% in the past 12 months. It’s the biggest rise the capital has seen.
And landlords with property portfolios based in other regions are also benefitting as the cost of renting in Britain rose, on average, 2.8% in July compared to June and before the Games began.
To rent a home in Britain now costs an average of £789 a month – that’s also good news for landlords, as it represents a rise of 2% on the same period last year.
With the biggest increase seen in Greater London – where the average cost rose by an impressive 4.6% – the link with the Olympics is hard to dispel. The average cost of renting in the Capital is now £1,260 a month.
The North East is the cheapest place to rent, with average rentals bringing in £526 a month.
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