Renters suffer as landlords leave city
GENERATION RENT is being squeezed out of the heart of London and deep into the suburbs as landlords rid themselves of expensive central properties and invest on the capital’s fringes instead.
Exclusive research, published today, finds the number of London homes available to rent is down 17 per cent year on year. Yet demand continues to grow. The disparity has pushed rents up to an average £1,785 a month.
The study, by Hamptons International, found that the more expensive the location the bigger the drop in homes to let. In Kensington, Islington, Westminster, and Camden, the number of available rental homes has crashed by a third and rents have risen.
In Kensington & Chelsea and Westminster, the average rent has topped the £3,000-a-month mark at £3,110 and £3,169 respectively. Average rents in Islington and Camden are now over £2,000 a month. There have also been VISIT
for details of our usual promotion rules. When you respond to promotions, offers or competitions, the London Evening Standard and its sister companies may contact you with relevant offers and services that may be of interest. Please give your mobile number and/or email address if you would like to receive such offers by text or email. big drops in rental supply in Hammersmith, Richmond, Lambeth and the City, with rents creeping up.
Far-flung boroughs such as Havering, Haringey, Bexley and Barking have all seen substantial annual increases in the number of homes available to rent in the last 12 months. Unsurprisingly, average rents in these locations are far lower than in central London. The average monthly rental in Bexley, for example, is £1,100. However, young renters pushed into outer London in search of value for money will have to factor in higher transport costs if they want to work or socialise in Zones 1 or 2.
£1,400 a month: landlords are heading for the distant suburbs where property is cheaper and yet rental demand remains high. This threebedroom house with a garage and off-street parking in South Bexleyheath is with Hunters (01322 535039) Find Ruth...
£3,358 a month: rental flats in prime locations, such as a one-bedroom home in this splendid terrace in Dunraven Street, W1 are becoming increasingly hard to find, pushing up rents. Call Property Centre London (020 8012 1254)