London rents 'set to pass the £1000 mark in a year'

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The warning from Reeds Rains and Your Move owner LSL Property Services came as London rents outstripped the rest of country to hit £978 in March. This is 7.3% higher than a year ago, and almost double the 4.3% annual growth seen across England and Wales over the past year.

LSL executive director David Newnes said: "London and the South-East are the two regions which are coping best with the economy and are the least likely to be affected by the public-sector job losses.

"It's unlikely that rent rises will fall away any time soon in these areas. In fact, at their current pace, London rents are likely to hit £1050 in a year's time."

There is an acute shortage of rental properties in the capital for the two-pronged reason that existing tenants are staying put to save the huge deposits demanded by lenders and housebuilding has been hit by the recession.