Yesterday, on twitter Sarah retweeted comment from Emma Jackson about how rents in London were crazy and average rents in Newham had shot up 39% the last year. Alas this information came from a press release a year ago, but it got me wondering about what rents were like now that the Olympics is firmly in the past, and how rents have changed from last year.
So I dug out my old spreadsheet, went through the rightmove.com property website, and counted up how many two bedroom flats there were in each London borough at each price point, weaved some Excel magic and well here's a list of average rents last year and this year, and their percentage change.
|London Borough||10 May 2012||08 May 2013||Change|
|Redbridge||£ 1,080.05||£ 1,193.77||110.53%|
|Hillington||£ 1,112.92||£ 1,201.08||107.92%|
|Merton||£ 1,581.29||£ 1,702.12||107.64%|
|Bexley||£ 858.70||£ 914.26||106.47%|
|Enfield||£ 1,135.41||£ 1,201.74||105.84%|
|Croydon||£ 1,014.19||£ 1,063.27||104.84%|
|Greenwich||£ 1,332.97||£ 1,387.40||104.08%|
|Waltham Forest||£ 1,092.00||£ 1,134.49||103.89%|
|Barnet||£ 1,419.80||£ 1,465.49||103.22%|
|Barking and Dagenham||£ 967.14||£ 994.93||102.87%|
|Ealing||£ 1,578.19||£ 1,606.16||101.77%|
|Sutton||£ 1,029.41||£ 1,046.86||101.70%|
|Southwark||£ 1,840.94||£ 1,869.72||101.56%|
|Hounslow||£ 1,785.18||£ 1,808.97||101.33%|
|Lewisham||£ 1,224.56||£ 1,236.24||100.95%|
|Kingston Upon Thames||£ 1,402.73||£ 1,412.13||100.67%|
|Brent||£ 1,483.54||£ 1,491.47||100.53%|
|Hackney||£ 1,876.80||£ 1,885.32||100.45%|
|Harrow||£ 1,248.56||£ 1,253.38||100.39%|
|Bromley||£ 1,127.81||£ 1,131.87||100.36%|
|Havering||£ 967.49||£ 963.83||99.62%|
|Kensington and Chelsea||£ 2,856.73||£ 2,820.08||98.72%|
|Lambeth||£ 1,745.46||£ 1,708.09||97.86%|
|Haringey||£ 1,432.51||£ 1,401.14||97.81%|
|Camden||£ 2,359.67||£ 2,307.76||97.80%|
|Newham||£ 1,410.63||£ 1,373.49||97.37%|
|Islington||£ 2,217.82||£ 2,139.80||96.48%|
|Westminster||£ 2,796.06||£ 2,696.96||96.46%|
|Wandsworth||£ 1,844.08||£ 1,756.62||95.26%|
|Richmond||£ 1,927.33||£ 1,834.90||95.20%|
|Hammersmith and Fulham||£ 2,102.78||£ 1,978.86||94.11%|
|Tower Hamlets||£ 2,066.11||£ 1,942.07||94.00%|
|City of London||£ 2,817.34||£ 2,474.32||87.82%|
So, nothing too exciting there. From the raw data, it seems the increases and decreases Redbridge, Hillington, Tower Hamlets and City of London are caused mainly by either loads more properties coming onto the market since last year, or fewer properties being available.
On the whole, property in desirable boroughs is still more expensive than property in less desirable boroughs. Desirability here is mostly proximity to the centre of the capital city of the UK, which isn't really surprising. Kensington, Westminster, and City of London are still most expensive. Havering, Barking and Bexley are still the cheapest boroughs to rent in.
The average change in average rents for two bedroom flats since this time last year for the whole of London, by my calculations is about half a percent, so within the margin of error for the data.