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London rents up 9.4%

Rents in London have risen 9.4% over the last year.

New figures from the HomeLet Rental Index show the cost of renting in London is increasing five times faster than national average incomes.

It has said the average rent in the capital now stands at £1348 per month

Half of Londoners now think renting is 'the norm'

Londoners are becoming increasingly pessimistic about getting on the property ladder, with 50% saying Britain is becoming more like other places in Europe where renting is 'the norm'.

Renting in the capital is becoming 'the norm' according to a large proportion of Londonders Credit: Reuters

A new report by Halifax also found that 83% of potential homeowners in the capital are unwilling to sacrifice the quality of accommodation they currently live in order to save up for a deposit.

The report also found that one in five young people aged 23 to 27 still have no desire to own their own home, despite the introduction of the Government's Help to Buy scheme. The scheme has previously struggled with uptake in the capital, where the average house price is now £458,000.

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You could be 54 before you can afford to buy in London

According to homeless charity Shelter, Single people in London face the greatest barriers to home ownership.

A single person could need over 29 years to save enough for a deposit unless they can find a partner, trapping many in uncertain private renting or forcing them to live with their parents well into adulthood.

Luke Hanrahan reports:

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