A new survey has revealed that a quarter of homes in the capital are privately rented and has led some industry experts to suggest that the make-up of parts of London could be changed forever.
Research from property data company Lonres and analysts Dataloft show that 40% of properties in Westminster are being let in the private rented sector, the largest figure in the capital. Kensington and Chelsea came in second with 36% of homes being privately rented.
Carmen Champney of Hathways estate agents, believes that renters in the Victoria and Westminster area are spending aroiund £500-£650 per week for single-bed flats in the region. Purchasing a property here would set back buyers in excess of £900,000.
Champney is concerned that the rising number of renters are creating a large turnover, which in turn is detrimental to the feel of the region. ‘I think you lose a bit of the heart of the community with so much change going on all the time,’ she commented.
Is London turning into rental capital of world?
Findings from a separate report by Hamptons International shows that the average cost of a rental property in London has increased by 6% during the last twelve months, to stand at £316 per week. Even in the cheapest London boroughs of Bexley and Havering, the average rental cost of a one-bedroom flat is £170 per week. For two bedrooms, costs are around £225 per week.