Rental prices in the capital are skyrocketing following the continued recovery from the pandemic with the rent in some boroughs costing upwards of £3,000 per month, according to a new study.
In December 2021 average London rent was £1,752 per calendar month, 12.6 per cent higher than December 2020.
In the rest of the UK the rental price for a new tenancy in the UK was £1,060 according to Homelets.
But, in some parts of the capital rents have reached astronomical levels. Kensington and Chelsea have the highest in London, at an average of £3,148 per month, up from £3,053 in 2019.
It is now the only borough with average rent values above the £3,000 mark.
(Image: PA Wire)
READ MORE: London property: Inside one of the ‘cheapest streets’ in London where house prices have still doubled in the last 10 years
Analysis by London lettings and estate agent Benham and Reeves found the largest jump since 2020 was seen in Kingston Upon Thames, where prices are up 20.1 per cent since last year.
Newham saw the largest increase (19.2 per cent) since 2019. Sutton remains the cheapest area to rent, with average prices at £1,263, up by 8.2 per cent from £1,167 in 2019.
Rental values were down overall in the City of London (-22.5 per cent), Camden (-18.9 per cent) and Westminster (-4.6 per cent), at the end of 2012 despite seeing a slight recovery from the 2020 dip.
The average rental value in the City of London is now £1,895, compared with £2,466 in 2019, a drop of £571.
(Image: Dominic Lipinski/PA Wire)
In Camden and Westminster, rent values are still some of the highest in the city at £2,056 and £2,879 respectively.
Research by the Insurer Admiral has also revealed that nearly nine out of ten Londoners can no longer afford the average cost of rent in the capital.
The demand for rooms to rent is much higher than the available supply, leading to cost increases that most Londoners cannot keep up with.
Currently In London, there are 157 people looking to rent for every 100 available rentals. People’s budgets are too low to afford the average cost of rent and 43.4 per cent of rentals in London are out of budget for the average renter.
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The five most expensive boroughs in London to rent
Kensington and Chelsea: average rent £3,053
Westminster: average rent £3,018
Camden: average rent £2,536
City of London: average rent £2,446
Hammersmith and Fulham: average rent £2,117
The five most affordable areas to rent in London:
Sutton: average rent £1,263
Bexley: average rent £1,317
Croydon: average rent at £1,318
Havering: average rent £1,324
Barking and Dagenham: average rent £1,355
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