In the last decade, rents have risen 25% in London and are up 16% outside of the city, according to a report Wednesday by Rightmove.
The 10 areas that have witnessed the most substantial price growth over the past 10 years are all in London, the list being a mixture of more affordable areas like Dagenham and Eltham and areas like Harold Wood and Southall, where the upcoming transit-line Crossrail has pushed up rents, the report said.
Rightmove analyzed the prices of a typical two-bedroom rental home, and did not separate luxury properties.
The East London borough of Hackney logged the biggest increase in asking rents across Britain, jumping 63% in a decade, pushing the average rental price up to £1,755 (US$2,462) per month from £1,080 (US$1,515) in 2008.
“Hackney has seen pretty heady increases in both asking rents and house prices in the area over the past ten years,” said Miles Shipside, Rightmove’s housing market analyst, in the report. “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.”
Hackney was followed by West London’s Hammersmith, an area where prices have risen to £2,894 (US$4,056), a 59% increase from a decade ago.
Outside of London, the highest growth in rents has been seen in Dartford, Kent—a London commuter-belt area—where asking rents are now £1,063 (US$1,491), 41% higher than 10 years ago.
The Scottish cities of Dundee and Edinburgh—which have seen rental increases of 40% and 39% respectively—ranked second and fourth in the list.
That’s not a reflection of the short-term market, though.
Asking rents for properties in London dipped 0.1% in the first three months of 2018, compared to the same time last year. In the rest of Great Britain though, rents rose by 0.9% in the same time frame, the property website found.
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