Room rents have reached the £800 barrier in central London for the first time in 2022, rising to 815 Q2 2022. This marked up from 708 in Q2 2021, according to the information from the flat share site, SpareRoom.
Every London borough noticed an increase in demand compared to supply, with West Central seeing the largest increase, up 233 percent from the year before. This trend is due to a notable rise in demand and just a modest decrease in supply. Rents were up across all London boroughs year over year, with East Central (up by 22 percent), followed by West Central and East (both up 17 percent, to 1,044 and 793 respectively).
There are rental options to consider in London
The lowest rent for a space is SE2 (Abbey Wood), at £616 per month, followed by E12 (Manor Park), at £620 per month, and E6 (East Ham) at £621 per month. As ever, East London remains the primary destination for rental property in London, with the top three sites going to E14 (Canary Wharf and Docklands), E1 (Shoreditch and Whitechapel), and E3 (Bow).
Canary Wharf, the West End and Soho, Westminster and Belgravia, and Pimlico in central London posted the biggest increases in rental prices among London postcodes during 2018. W7 (Hanwell) was the only postcode area to see a decline in Q2 2022.
We are here to help
We know many people are unsure of how to approach the rental market, either as a landlord or tenant. The demand for rental property is such that landlords can enter the market even now and enjoy great success, but you need help and assistance from people who know how the market is performing.
Matt Hutchinson, SpareRoom director, comments: “We’ve had our busiest June on record in terms of people using SpareRoom to find somewhere to live. At the same time, the supply of rental properties has plummeted, meaning rents are on the up almost everywhere. When you add to that the spike in energy costs, which are being passed on to many flatsharers in the form of increased rents, it’s stretching an already unaffordable rental market to breaking point. With inflation higher than it’s been for decades, and energy bills set to rise again in October, just before winter kicks in, renters are going to really struggle. It’s time for government to realise that handing out money to help people pay their rent isn’t the long-term solution – we need serious policies to provide affordable housing for everyone.”
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
