Average London rent hits record £553 a week amid property shortage

Estate agents Foxtons says an average of 29 renters competed for each property in September

The average rental in London hit a record 553 a week last month with almost 30 applicants vying for each property, as landlords cashed in on soaring demand and a lack of new properties coming on to the market in the capital.

The average rental price in September eclipsed the previous record of 549 set in June, according to the latest data from the estate agents Foxtons, with the fight for property sparking bidding wars, auditions" and landlords demanding six months to a year rent in advance.