Asking rents in Hackney have soared compared to 10 years ago, according to new analysis of thousands of two-bed rental properties by Rightmove.
The property internet portal has compiled the top 10 highest growth areas over the past decade, looking at over 200,000 properties, and they were all in London.
The cost of renting in Hackney has risen 63 per cent to £1,755 per month, making it the area with the steepest increase in asking rents across Britain.
The 10 highest asking rent growth areas in the capital 2008-2018:
|Area||Average asking rent per month (Two bed) Q1 2008||Average asking rent per month (Two bed) Q1 2018||10 year change|
|1. Hackney||£1,080||£1,755||63 per cent|
|2. Hammersmith||£1,824||£2,894||59 per cent|
|3. Rainham||£724||£1,146||58 per cent|
|4. Southall||£864||£1,353||57 per cent|
|5. Hillingdon||£866||£1,344||55 per cent|
|6. Hayes||£868||£1,346||55 per cent|
|7. Dagenham||£774||£1,189||54 per cent|
|8. Walthamstow||£914||£1,393||52 per cent|
|9. Harold Wood||£756||£1,152||52 per cent|
|10. Eltham||£800||£1,217||52 per cent|
|London average||£1,322||£1,648||25 per cent|
Elsewhere in the top 10, Rightmove found a mixture of relatively more affordable areas such as Dagenham and Eltham alongside spots such as Harold Wood and Southall where Crossrail has pushed up rents.
The Elizabeth Line as it will be known when the central tunnels under London open, launches in December.
The London 10-year average was a rise of 25 per cent to £1,648 per month.
Rightmove’s housing market analyst Miles Shipside said:
Hackney has seen pretty heady increases in both asking rents and house prices in the area over the past 10 years, as it has been transformed from a cheaper location into a more popular and higher-priced address.
Its rise has been enhanced by the 2012 Olympics effect and improvements to transport links, with rents peaking in the second quarter of 2016 and plateauing in recent years. The growth in these areas compares with places like Barnes, Chelsea and Canary Wharf which seem to have topped out long ago as rents are pretty much the same as they were 10 years ago.
So far this year, asking rents for all property types have risen by 0.9 per cent outside the capital compared to the same time last year, while they've edged down 0.1 per cent in London.
Outside of the capital, the highest growth in rents were recorded in Dartford, and alongside commuter-belt areas in Kent and Hertfordshire, there were also rises in Dundee and Edinburgh - up 40 per cent and 39 per cent respectively.
Read more: London house prices fell again last month