A homeless charity has said rents in London are rising by an average of 750 pounds a year, leaving many in a 'rent trap' with nothing left to save for a home of their own.
The report by Shelter found that around half of people in London who rent their homes are not able to save any money.
The Rent Trap, a new report from the housing charity, analyses Government figures to find that average private rents in London rose by 4.8% from 2011 to 2012, equivalent to an increase of £741 in a year on a typical rented home.
In the same period, the average wage in London fell by 4.9%.
The areas in London with the fastest rising rents are:
Area/ Rent inflation %/ Equivalent per year £
- Merton 13.7% £1,805
- Wandsworth 11.4% £1,845
- Lambeth 9.8% £1,477
- Greenwich 8.9% £1,029
- Hammersmith and Fulham 8.7% £1,787
- Hackney 8.7% £1,275
- Sutton 7.8% £784
- Haringey 7.6% £969
- Lewisham 7.6% £823
- Enfield 6.9% £798