The statistics were noted by Labour’s candidate for Mayor of London, Sadiq Khan. Indeed, the issue of availability and affordability of homes in the city’s private rented sector is an important one, with 27 per cent of Londoners living in privately rented homes, according to the Office for National Statistics.
The topic of housing, both in terms of supply and price, is a heated one for the Mayoral election, with outgoing Mayor Boris Johnson placing a strong emphasis on building new homes in recent years.
“Renting a home shouldn’t be a luxury, but under the Tories Londoners could live in 4-star luxury in most of Europe for what they pay,” said Khan. “Rents have gone up by 30 per cent with a Tory Mayor and it would be exactly the same under [Conservative Party candidate] Zac Goldsmith – with rents soaring above £2,000 a month.”
Khan promised to create a London-wide social lettings agency, as well as name and shame bad landlords.
The figures were reported by The Independent as saying that the Average Rent for a London flat is now £1,676 per month – or £55 a night. That compares poorly to many European cities, with hotels including The Best Western Plus Hotel in Paris and the Relais Castrum Boccea in Rome able to be booked for less than £55 a night for 5th May (the day of the Mayoral election).
However, the RLA have noted that the figure is not the Average rent for an apartment in London, but for all properties.
“The average rent for a one bedroom apartment in London is £1,271, while the average rent for a studio apartment is £952 and the average rent for a bedroom is £572,” says the RLA, citing data from the VOA.
“The average rent for a single bedroom of £572, works out at £19 a night,” continues the group, “a significant difference to the £55 a night hotel bill.
“Furthermore, while the Paris hotel referenced in the article is indeed available at £55 a night for a single bedroom today this figure does not reflect seasonal availability or weekend rates.”
Alan Ward, chairman of the RLA, comments: “This is a good story not supported by the facts. Renting a room from a landlord would be £1,800 cheaper than a hotel this summer. For the cost of a hotel room you could rent two studios and still have money left for a few nights out. Comparing apples and pears benefits nobody.”
For buying property, though, London has become extremely unaffordable, with the Land Registry’s latest House Price Index reporting a 13.9 per cent annual growth in prices, taking values to an average of £534,785. The average UK asking price, meanwhile, has reached a record of £307,033, according to Rightmove.
You won’t be able to buy a hotel for that figure, but you could certainly net yourself a bargain abroad. See our gallery rounding up what you can get abroad for the price of UK home here.