We’ve accepted our fate that living in London will never be cheap but, as of the past few months, average rent prices have actually been falling across the capital (year-on-year). The knowledge that rent prices have fallen a whole two percent on average across the capital might bring you a sliver of comfort the next time you are wincing while forking out the best part of a fiver for a flat white.
Don’t rejoice too soon however, as the dip in rent cost has not been spread uniformly across the capital. While some areas have fallen significantly, others have continued to rise. Areas outside of the city centre have been the ones on the up with, Forest Hill, West Norwood and Muswell Hill all seeing rent hikes of up to 13 percent, whilst more central locations are seeing the biggest drops.
Lower Edmonton has snagged the top spot on the list of areas with the biggest rent decreases but it is closely followed by the notoriously expensive SW1 postcode (including Westminster, Belgravia and Victoria) coming in second and star-studded Chelsea not far behind at spot number four.
These latter two areas are still outrageously pricey but landlords have realised they’ve been pricing themselves out of the market and have had to drop rents. With more rental properties popping up in the city centre and renters looking further afield for rooms, the supply of properties has started to outweigh the crazy demand for accommodation in the centre that was allowing for such high prices in the last few years.
If you are wondering if rent prices have dropped in your postcode too the 10 areas with the biggest drops in rent are listed below:
- Lower Edmonton (N9) -13.7 percent
- Westminster, Belgravia, Pimlico, Victoria (SW1) -12.7 percent
- Dulwich including West Dulwich (SE21) -9.9 percent
- Chelsea, Brompton (SW3) -8.8 percent
- Hackney, Dalston (E8) -8.7 percent
- Lee including Grove Park (SE12) -7.9 percent
- Manor Park (E12) -7.8 percent
- East Dulwich (SE22) -7.5 percent
- Southgate (N14) -7.3 percent
- Putney (SW15) -7.2 percent
If you don't see your area there, a full list of average London rent prices can be found on the SpareRoom rental index here.
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