Home » Valuation & Commercial » London’s Rental Market RICS Valuer Tips!

London’s Rental Market RICS Valuer Tips!

Aug 4, 2022

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

Bexley: £1,202

Havering: £1,257

Newham: £1,522

Enfield: £1,394

Croydon: £1,223

Sutton: £1,208

Redbridge: £1,352

Hillingdon: £1,307

Greenwich: £1,452

Lewisham: £1,410

Tower Hamlets: £1,719

Bromley: £1,316

Hounslow: £1,443

Harrow: £1,384

Brent: £1,548

Southwark: £1,749

Hackney: £1,811

Lambeth: £1,773

Kingston upon Thames: £1,476

Waltham Forest: £1,417

Ealing: £1,541

Barnet: £1,518

Islington: £1,872

Merton: £1,550

Haringey:  £1,520

Wandsworth: £1,893

Camden: £2,118

Hammersmith/Fulham: £2,036

Richmond upon Thames: £1,747

City of London: £1,991

City of Westminster: £2,436

Kensington/Chelsea: £2,788

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.

How to Value a Property

How to Value a Property

Thank you for clicking on today’s Property Surveying blog post topic.  Through our weekly blog posts, we aim to discuss some of the more complex and complicated areas of surveying and valuation that our RICS surveyors and valuers deal with on a daily basis. ...

read more