London rental price growth slowed down in the third quarter, new research has suggested – unless you live in the likes of St Paul’s and Clapham, where things are getting a whole lot more expensive….
Research by SpareRoom found London’s rental growth rose two per cent in the third quarter, compared with seven per cent last year.
The average price of renting a room in the capital is now £741 per month. Meanwhile, for the UK as a whole, that price is £444, up four per cent on last year.
But London’s rather flat trend was bucked by some areas, mainly in the South West, where prices jumped.
In Clapham, prices rose to £845, up 13 per cent on the same time last year. West Norwood, Dulwich and Balham all experienced nine per cent rises, while in Tooting, prices rose eight per cent.
That said, none of those could beat St Paul’s, where prices rose 23 per cent to £1,134. Ouch.
Matt Hutchinson, director of flat and house share at SpareRoom, suggested Brexit had caused landlords to hold back.
“Nervousness surrounding Brexit has no doubt played a part, but the two per cent growth in rents reflects an issue even closer to home – Londoners simply can’t afford to keep paying more.
“Anyone hoping to nab a bargain in the relatively affordable areas of East and South East London needs to move fast. Although there’s currently a high supply of rooms, rents are starting to increase far more quickly in these areas, with nine per cent increases in West Norwood to £617 and a 10 per cent increase in East Ham to £566.”