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London Rents Rise By A Third In Three Years

Rachel Holdsworth
By Rachel Holdsworth Last edited 49 months ago
London Rents Rise By A Third In Three Years

Dave Hill in the Guardian has picked up on news that rents in London have gone up by a third in three years. The latest HomeLet index shows that rents have risen an average of 6% across the capital in the last year, 16% in the last two and 32% since 2009. Good luck to you if your wages have increased at a similar rate.

South West London is the only area to show a decline in rental prices, but it's still the most expensive area with an average rent of £1,724 a month. Areas we might think of as being cheap have seen big increases over the past year: 7.9% in South East London, 9.6% in East London (the Olympic effect?), 9.2% in Ilford and, weirdly, 26.8% in Sutton. The only places you can still find an average rent of less than a grand a month are Dartford and Romford.

Meanwhile, the Evening Standard have looked at the news that an average deposit for first time buyers in London will cost around £57,175 and worked out what you'd need to do to save up. Like, work 16 hours a week in a bar for 11 years on top of your normal job.

Photo by Herschell Hershey from the Londonist Flickr pool

Last Updated 14 November 2012

Richard

Too much social housing in London. Release it onto the free market and rents will go down.