Renters of London, rejoice – for those punishing hikes in rent you've been experiencing since the downturn may have come to an end, new figures have suggested.
The average rent in the capital increased just one per cent year on year in the second quarter of this year, SpareRoom's London Rental Index has shown, compared with eight per cent between 2014 and 2015 (although there is also evidence to show the supply is falling).
There were a few exceptions – notably Abbey Wood, which is clearly gearing up for the arrival of Crossrail, with a 21 per cent spike in rents to an average of £564 over the past year, although the report did point out it is still one of the few areas with monthly rents of under £600.
Among the other areas experiencing the biggest rises were Barnes, Tooting, Mortlake and West Brompton/Chelsea.
Meanwhile, rental prices actually fell in a third of London postcode districts, led by the North West, where rents dropped four per cent, and West and East Central London, where prices fell two per cent.
Average rental prices for a double room
“London rents have risen under two per cent year on year for the second quarter in a row," said Matt Hutchinson, director of SpareRoom.
"It’s too early to know if this is the start of a calmer period for the capital’s renters, or whether what we’re seeing is driven by uncertainty surrounding Brexit. Renters will certainly be hoping it’s the former."
Where to bag a bargain – the most and least expensive postcodes
|Most expensive||Best bargains|
|1||EC4 – St Paul's||£1,153||SE9 – Eltham||£518|
|2||SW7 – South Ken||£1,131||E12 – Manor Park||£535|
|3||SW3 – Chelsea||£1,044||E4 – Chingford||£544|
|4||W8 – Holland||£1,049||SE26 – Sydenham||£545|
|5||WC2 – Strand/Holborn||£1,034||SE6 – Catford||£550|
|6||W1 – West End / Soho||£1,003||SE7 – Charlton||£554|
|7||SW10 – Chelsea||£988||E7 – Forest Gate||£554|
|8||W11 – Notting Hill||£946||SE25 – Norwood||£557|
|9||W2 – Bayswater||£928||N20 – Totteridge||£557|
|10||EC1 – Holborn||£920||SE18 – Plumstead||£557|