There has been a shake-up in the London property price hierarchy, and the most profitable places to be a landlord have moved dramatically.
That well-established measure of London property values – the humble Monopoly board – has been shaken and stirred by fluctuations in the market, and Bond Street (no surprise) now sits top of the pile. Mayfair and Park Lane, those two luxurious purples, have fallen back into the second-most expensive set.
According to research from Rentify, Old Kent Road – the lowest of the low set – has jumped off the bottom, rising one place to the second cheapest on the board. Average monthly rent for a two bedroom property on the street now fetches £1,950 a month.
Rentify CEO George Spencer said:
Old Kent Road once was the joke of the Monopoly board, but landlords who have invested in the area are the ones laughing now. Over the past 80 years since Monopoly was launched in the UK prices in London have just gone up and up – but for renters this is no game.
With so many being priced out of central London, it seems clearer than ever that more needs to be done to lower planning restrictions and build more homes. Fortunately, there are at least still relatively affordable options available elsewhere for savvy renters.
That means that, while Old Kent Road and Whitechapel may have been at the low end in the board game, in reality they are far from the cost-effective places to rent. The cheapest place to search for a two bed flat is zone three, which wasn't included in the original Monopolgy board. Rentify pointed out that prices there are a full £800 a month less than Whitechapel or Old Kent road.
London rents have been rising fast recently, and some people worry high living costs will begin to threaten the London economy, perhaps putting off skilled workers from moving to the capital.