London Rent Report: Prices Soar, but Growth Slows

London’s rental market shows a mixed picture. While average rents across the city have risen by 7.3% in the past year, reaching £2,252 per month, the rate of increase is slowing. This follows seven consecutive months of decelerating rent growth, offering a glimmer of hope for renters. However, significant disparities exist between boroughs. Kensington and Chelsea remains the priciest area, with an average monthly rent of £3,616, significantly higher than the national average of £1,344. In contrast, Bexley offers the most affordable option at £1,485 per month. Interestingly, Brent is the only borough experiencing a rent decrease, down 3.1% year-on-year. The figures, sourced from the Office for National Statistics (ONS), reflect average rents across all property types, from studios to large houses. The data highlights the considerable cost of living in London, even in the more affordable boroughs. While a one-bedroom flat in Kensington and Chelsea averages £2,566 monthly, a similar property in Bexley costs £1,183. The report suggests a potential market cooling, although rents continue to rise in most areas, the pace is less dramatic than previously seen. Future updates will be provided quarterly.

(Source: https://londonist.com/london/housing/what-s-the-average-rent-in-each-london-borough)