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Is London turning into rental capital of world?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A new survey has revealed that a quarter of homes in the capital are privately rented and has led some industry experts to suggest that the make-up of parts of London could be changed forever.
Research from property data company Lonres and analysts Dataloft show that 40% of properties in Westminster are being let in the private rented sector, the largest figure in the capital. Kensington and Chelsea came in second with 36% of homes being privately rented.
Costly
Carmen Champney of Hathways estate agents, believes that renters in the Victoria and Westminster area are spending aroiund £500-£650 per week for single-bed flats in the region. Purchasing a property here would set back buyers in excess of £900,000.
Champney is concerned that the rising number of renters are creating a large turnover, which in turn is detrimental to the feel of the region. ‘I think you lose a bit of the heart of the community with so much change going on all the time,’ she commented.[1]
Is London turning into rental capital of world?
Findings from a separate report by Hamptons International shows that the average cost of a rental property in London has increased by 6% during the last twelve months, to stand at £316 per week. Even in the cheapest London boroughs of Bexley and Havering, the average rental cost of a one-bedroom flat is £170 per week. For two bedrooms, costs are around £225 per week.
[1] http://www.homesandproperty.co.uk/property-news/news/london-new-renting-capital-world
