London rents highest in Europe
Renting property in London costs almost four times as much as in other UK cities and around £3,700 more than the average across Europe, a report from analytics firm ECA International discovered.
To rent an unfurnished, mid-market three-bedroom apartment in a prime area of London costs almost £5,400 per month according to the report.
Moscow, Zurich, Geneva, Istanbul, Kiev, Paris, Amsterdam and Dublin follow London in order of rental cost in Europe, while Hong Kong remains more expensive than the British capital at £7,586 per month for a three-bedroom apartment in a good location.
Increased competition among landlords in London has contributed to a modest fall in the average rent, while uncertainty over Brexit and its potential effect on the financial sector has so far failed to impact on the market, said Alec Smith at ECA.
Elsewhere in the UK, rising demand in Manchester, Edinburgh and Glasgow has led to increased rent levels, while a downturn in the oil and gas industry has depressed rents in Aberdeen, Scotland.
In Brighton, average rents of £623 per month are not far behind those of London (£836 per month) stated a separate report, whereas renters in Hull, on the east coast of Yorkshire, can expect to pay just £227 per month.