London rents rocket

The Olympic Games have had a major impact on the cost of renting in London.

Rents in the UK capital have broken new records, according to property group LSL.

Monthly rents in London have risen for three months in a row to reach an average of £1047.

But rents are up across the country too. In June, demand from tenants pushed the average monthly rate for England and Wales to just £2 short of the all-time high of £720 recorded last October. Now, according to one mortgage broker, 60 per cent of UK landlords are planning to expand their property portfolio.