The rental price gap in London is getting greater with a £4,411 difference in asking rents across the capital between the cheapest and the most expensive properties, new research shows.
Kensington and Chelsea is the most expensive borough to rent at £5,438 per calendar month while Bexley is the cheapest at £1,027, according to data from the new Move with Us Rental Index which focuses on Greater London.
This is an increase of £218 when compared to this time last year when the gap between the boroughs was £4,193.
The index also shows that the average asking rent for Greater London has increased 4.34% or £86.27 over the last year and 2.98% or £59.24 in the last three months to reach its current figure of £1,988.
Kingston upon Thames provides the most stable asking rents at £1,668 changing just 0.11% or £1.85 in a year on year comparison. Asking rents in Lewisham have changed the least in a three month period, moving just 0.08% or £1.08.
‘Rents across London have always differed greatly but the gap in the current market is extremely wide. Anyone looking to rent in the capital should do their homework as rents can significantly vary from borough to borough,’ said Robin King, director of Move with Us.
‘A tenant’s best option is to look for a borough with reasonable rental prices that are rising slowly, such as Kingston upon Thames and Lewisham, and that are also on a commuter route that suits their individual needs,’ he added.