Survey reveals rent increase gulf between London and the rest of Britain
A survey of rental trends in Britain over the past decade has shown how much the rising cost of renting in London has outstripped the rest of the UK.
The Rightmove study found that rents for a typical two-bedroom home are 25 per cent higher in the capital than they were ten years ago, compared with a 16 per cent increase in the rest of the country.
Hackney in east London has experienced the largest increase in the country, up 63 per cent, while the highest rise outside the metropolitan area was the 41 per cent rise at Dartford in Kent.
Indeed, while London as a whole saw higher increases in rents, the top ten is mostly dominated by Kent and Hertfordshire, plus the cities of Edinburgh and Dundee.
Dundee saw rents increase by 40 per cent and Edinburgh by 39 per cent, with the cost of renting a two-bedroom home in the Scottish capital now up from around £700 a month in 2008 to over £1,000.
While some places have become very expensive to rent in, that is far from true everywhere. Rents in Burnley are just £421 a month on average, with the typical rents for two-bedroom homes in Barnsley, South Shields, Stoke-on-Trent and Kilmarnock are all under £500 a month.
The upward trends in rents have slowed in the last couple of years, with the first quarter of 2018 actually witnessing a drop of 0.2 per cent. However, this still leaves them 0.9 per cent up on the same period in 2016 on average.
Commenting on the figures, Rightmove’s housing market analyst Miles Shipside noted that Hackney's increases are likely to be a legacy of the developments in and around the borough associated with the 2012 Olympics, since rents in areas like Barnes, Chelsea and Canary Wharf "topped out" years ago and have barely changed since 2008.
Assessing the wider national situation, he commented: "Although the growth in asking rents has slowed over the past few years, people new to the rental market or those looking for a bigger property could find that they need to look further out than their initial wish list of places, especially in the bigger cities around the country."