Hackney or Richmond? Brent or Fulham? Where would you prefer to rent a property? There’s now nothing in the price difference to help you decide.
Monthly rents are over the £1,200 mark in a number of historically poorer boroughs that are increasingly fashionable and gentrified, bringing them into line with the traditionally affluent areas.
Using data from the Valuation Office Agency, a government advisory body on property, Urbs looked at median prices to eliminate the effect of the high and low extremes. The median monthly rental cost in Brent is £1,300, as it is in Hammersmith and Fulham. It’s £1,257 for a slice of Hackney’s urban chic, compared to £1,295 for leafy Richmond.
The highest rates are in the central areas with the median rent in the City of London now heading for £2,000. Westminster and Camden are close behind.
All but 13 of the 32 boroughs have a median monthly rental of £1,000 or more. The outer boroughs of Sutton and Hillingdon offer better value but only Havering has a median monthly rental price below £800.
London continues to be by far the most expensive place to rent a property in the country.
The median monthly rental price across London is currently £1,350, a 3% increase year-on-year and double that of all regions of the UK except the South East.