LONDON rent prices have shown no sign of cooling in February, with renters in the capital now forking out up to £570 per week on accommodation costs.

According to figures by letting agent Foxtons, limited supply and a challenging economic outlook forced rent prices in the capital up five per cent from January.

The continued demand for letting in London increased six per cent, with 20 prospective renters now forced to compete for one property.

The data showed that, so far this year, South and West London have proved to be more popular compared to last year, with registrations up 16 per cent and 30 per cent respectively.

"February's rise in average rent price is an indicator of how intense the imbalance is between supply and demand," Gareth Atkins, Foxtons managing director of lettings, said.

It comes as earlier this month, Foxtons chief executive Guy Gittins warned that the lack of demand in London is so "dramatic" that people will be forced out of the capital.

(c) 2023 City A.M., source Newspaper