Changes to Average Rent in London May Delight You
As of the end of summer 2017, average rents in London continue to go down, despite the fact that demand has recently picked up again.
According to a Foxtons report, today the average rental value in London is £587 per week (3 bedrooms – £745, 2 bedrooms – £538; 1 bedroom – £397). Two-bedroom properties are in highest demand, with 42% of renters seeking this kind of accommodation (3 bedrooms – 15%; 1 bedroom – 25%).
Across all London areas, rental prices range from £151 to £20,000 per week.
But don’t forget about the other costs associated with housing. According to Expatistan, a website that compares the cost of living in cities all over the world, utilities for a two-bedroom flat will make you shell out around £174 a month in London. And the joy of Internet access will cost you around £22 a month.
Dwellers of the British capital also pay a unique council tax each month in addition to normal bills. This costs approximately £100 a month and varies from borough to borough.
Experts claim that rents in Zone 1 and Zone 2 were in highest demand in the second quarter, while Zone 3 and Zone 6 saw the strongest fall in demand.
Despite the slight fall in prices, the real estate market in London remains a challenge. If you are looking to rent in the central neighbourhoods of London, Ready Property can work with you to navigate this turbulent landscape and find the best homes available that meet your needs.