This post was first published by My London on 03/06/2019.
The parts of London where rents are falling and rising
In Camden, the cost of renting a larger home went up 41 per cent.
The number of people renting homes in London has already exceeded the number who own their own home.
Renters are even expected to make up 60 per cent of the market 2025. and with eve-rising house prices the trend is likely to continue.
But with increasing house prices, landlords are also charging us more and more. Or so it seems.
The truth is London property does lead to values multiplying compared to the same property if it was elsewhere, but within London there are also huge variations in price, and in rent.
The Valuation Office Agency, an executive offshoot agency of HMRC, has been collecting data about rents in different types of properties in different areas of the capital.
They have average rental price data from April 2017 to March and April 2018 to March 2019. We compared the average price paid to rent each type of home in every London borough and worked out how much they changed over two years and which has changed the most.
The same borough can have rents go up for one type of property and down for another. Check to see if you’re paying more than your neighbours and if you should look to relocate somewhere cheaper.
You’re in the city where the streets are paved with gold, but on either side of the road are cramped homes with far too many people living in them. You’re renting a room in a larger flat or home, something that is part of living in a metropolitan city like London.
You probably also want to watch the pennies so here is where rents shot up between 2017 and 2019 for rooms in London and where you might be able to bag a bargain.
London’s average was £624 per month.
5. Harrow : £590, -8.39 per cent
4. Newham : £594, -8.6 per cent
3. Havering : £496, -8.99 per cent
2. Wandsworth : £615, -9.15 per cent
1. Bromley : £532, -9.8 per cent
5. Greenwich : £600, 13.64 per cent
4. Ealing : £727, 14.6 per cent
3. Hillingdon : £700, 30.84 per cent
2. Hackney : £719, 31.93 per cent
1. Westminster : £1,072, 39.40 per cent
Everything you need in one room. Again, cost is likely to be a factor for you in this middle-ground between a one-bed and a room.
The average for a studio in London was £1,027.
5. Redbride: £739, -3.90 per cent
4. Bexley: £648, -4.14 per cent
3. Kingston Upon Thames: £857, -4.56 per cent
2. Hounslow: £806, -5.34 per cent
1. Barking and Dagenham: £696, -9.96 per cent
Others: Greenwich, Havering, Hillingdon, Richmond upon Thames, Sutton, Enfield, Croydon, Brent
5. Hackney: £1,237, 6.18 per cent
4. City of London: £1,781, 6.33 per cent
3. Hammersmith and Fulham: £1,112, 6.72 per cent
2. Merton: £890, 7.49 per cent
1. Camden: £1,242, 15.53 per cent
Others: Kensington and Chelsea, Southwark, Lewisham, Tower Hamlets, Haringey, Harrow, Lambeth, Barnet, Islington, Newham, Waltham Forest, Ealing, Westminster, Bromley, Wandsworth
This is the second most common type of renting in London, and offers some space in addition to your bedroom without having to live with someone else and share that space.
The average for a one-bedroom property in London was £1,352. Prices fell in just five boroughs.
5. Brent: £1,239, -0.24 per cent
4. Greenwich: £1,154, -0.43 per cent
3. Sutton: £920, -0.65 per cent
2. Barking and Dagenham: £964, -1.43 per cent
1. Croydon: £927, -1.48 per cent
5. Newham: £1,204, 4.88 per cent
4. Camden: £1,656, 5.08 per cent
3. Enfield: £1,082, 5.46 per cent
2. City of London: £2,083, 6.38 per cent
1. Hammersmith and Fulham: £1,453, 7.79 per cent
Others: Southwark, Merton, Haringey, Kensington and Chelsea, Redbridge, Bexley, Hackney, Harrow, Hounslow, Tower Hamlets, Lewisham, Waltham Forest, Havering, Kingston upon Thames, Bromley, Islington, Lambeth, Ealing, Wandsworth, Hillingdon, Barnet, Westminster
The most popular type of rented property in London. Although rates fell in nine boroughs, just one decreased more than one percent.
Average rents were £1,500.
5. Sutton: £1,165, -0.68 per cent
4. Harrow: £1,320, -0.75 per cent
3. Greenwich: £1,416, -0.77 per cent
2. Havering: £1,100, -0.81 per cent
1. Lewisham: £1,362, -1.45 per cent
Others: Ealing, Kingston upon Thames, Barking and Dagenham, Brent
5. Camden: £2,241, 6.21 per cent
4. Hounslow: £1,422, 6.28 per cent
3. Haringey: £1,614, 9.35 per cent
2. Hammersmith and Fulham: £1,940, 9.92 per cent
1. Kensington and Chelsea: £3,212, 10.45 per cent
Others: City of London,, Lambeth, Southwark, Redbridge, Newham, Bexley, Hackney, Enfield, Westminster, Waltham Forest Hillingdon, Barnet, Islington, Bromley, Wandsworth, Merton, Croydon, Tower Hamlets, Richmond upon Thames
Just five boroughs experienced little change in rents for three-bed properties. The vast majority, 22, saw rents escalates for a typical family home.
Average rent for a three-bedroomed property was £1,800 but varies wildly from borough to borough.
5. Richmond upon Thames: £2,205, -1.52 per cent
4. Brent: £1,875, -1.94 per cent
3. Merton: £1,869, -2.15 per cent
2. Wandsworth: £2,189, -2.67 per cent
1. Islington: £2,421, -6.53 per cent
Others: Westminster, Greenwich
5. Kensington and Chelsea: £2,241, 6.21 per cent
4. Enfield: £1,701, 6.78 per cent
3. Lambeth: £2,265, 9.16 per cent
2. Hammersmith and Fulham: £2,661, 9.42 per cent
1. Camden: £3,252, 9.72 per cent
Others: City of London, Lambeth, Southwark, Redbridge, Newham, Bexley, Hackney, Enfield, Westminster, Waltham Forest Hillingdon, Barnet, Islington, Bromley, Wandsworth, Merton, Croydon, Tower Hamlets, Richmond upon Thames