In today’s property surveying blogpost topic we are going to be discussing Property Valuation. Here at Stokemont, we’re proud to not only be RICS Chartered Surveyors, however also RICS Registered Valuers.
If you’re trying to navigate the rental market of London, then you might find it to be a deeply frustrating and flawed experience.
Despite the fact that there was a brief period of stagnation during the height of the COVID-19 pandemic, London is now currently facing a serious demand for rentable space. Every single prospective renter is dealing with the consequences of this.
The majority of renters are experiencing fierce competition for the rooms that are available, letting agents that are not providing a good service, and a lack of replies to basic enquiries about properties.
Unfortunately, this is something which shows no signs of stopping in a hurry, with many reports suggesting that the rental market in London is going to become even more competitive in the next six months.
In December 2021, compared to December 2020, there was a 25% increase in the number of tenant enquiries. This is in sharp contrast to the number of available properties decreasing by 69% over the same period. Basically, there aren’t enough properties to go around anymore.
Other big sites have also reported a similar state of affairs. The latest research done by a major property site, Zoopla, suggests that the demand for rental accommodation is currently 43% higher than it has been for the last five years, but the number of places available is actually 43% lower.
Those who are a little bit savvy when it comes to the art of house hunting will realise that the good properties are still available, but you have to think a little bit creatively to find them. If you’re willing to search further afield, or simply in the less appealing parts of London, you’ll find there’s a lot more choice available.
So, with that firmly in mind, we figured we would take a look at the average rent prices for every borough in London right now. The figures are compiled to show the average price of rent for every property in each borough, and the figures themselves are based on considerable research done by companies who specialise in data analysis.
So, the average price per month renting a property in different parts of London goes like this:
Barking and Dagenham: £1,297
Tower Hamlets: £1,719
Kingston upon Thames: £1,476
Waltham Forest: £1,417
Richmond upon Thames: £1,747
City of London: £1,991
City of Westminster: £2,436
London Rents can often be a daunting amount, over the coming years, here at Stokemont we actually expect to see these level out.
The introduction of the TFL’s Elizabeth Line is not going to make commuting a great deal quicker, but far more convenient.
This change is likely to see renters looking further a field than the big smoke and venturing into pastures new.
If you would like to discuss Property Valuation with our RICS Valuers, give us a shout today and we will be more than happy to assist and advise.