Large increases in rents in East London
According to published data, real estate prices in nine counties of East London have increased by 21.41 percent since 2012.
According to a report by Landbay, rent prices in the eastern regions of London are rising rapidly. In the last seven years, tenants in the eastern regions have paid twice as much rent as in other parts of London.
Since January 2012, the average rental growth in the nine counties of East London has been 21.41%, and the typical monthly rents are at £ 1.241 ($ 1.647).
In the Barking & Dagenham district in east London, rents have increased 27.66 percent since 2012. Waltham Forest and Bexley increased by 23.56% and 22.02%.
Only Greenwich did not enter the top ten regions for rent growth. However, rents in the Greenwich area have increased by 15.48 percent since 2012.
“We are seeing a cultural shift in London, as demand climbs in the east and traditionally popular areas like Westminster and Chelsea slide down the league tables,” John Goodall, CEO and founder of Landbay said in the report. “While part of this is a function of affordability, other things, too, are at play. Rising employment and a thirst for flexible living mean renting is more attractive than ever, with a widening commuter belt in the face of developing infrastructure like Thameslink and Crossrail.”
Rent increases from other regions of the city experienced normal increases. Since 2012, an average of 10,79% increase has been observed in 12 districts of West London.
Sevdenur Demir / [email protected]