Renting in London:are the capital's rent rises finally cooling?

A new report reveals that rent increases are finally showing signs of slowing in parts of London. We find out where...

Rental price rises in the capital could be showing early signs of cooling with new figures showing annual hikes have dropped from 11 per cent across London last year to 1.6 per cent.

However, renters should still be careful where they look because costs in some areas are rising at nearly four times the London average, but actually falling in others.

A new report by flat and house sharing site Spareroom.co.uk shows that room prices have fallen fastest in west London, down 2.5 per cent, while in north London they rose by 6.2 per cent.

Although south-east London remains the cheapest area, with average rents of less than £700 a month, this part of the capital has had the second highest rate of rent inflation, at more than five per cent.

"It’s too early to tell if what we’re seeing is an anomaly or the start of a cooling off period," says Matt Hutchinson, Spareroom.co.uk director. "If it’s the latter, it’ll come as a huge relief to squeezed renters."

Those seeking the best value for money now should head to East Ham, the cheapest district in the capital, with an average monthly rent of £508. 

Up-and-coming Crossrail districts Abbey Wood, in the south-east, and Manor Park, in the east, have the second and third cheapest rents, averaging £520.

And if the budget is big, but time is of the essence, head to Canary Wharf and the Docklands in E14 or Shoreditch and Whitechapel in E1, where there are more than three times the number of rooms available than in other parts of London.


Follow us on Twitter @HomesProperty and Facebook

Comments