Rents Up By 10% – Even On The ‘Cheap’ Side Of The City

Michell Soares Gonzalez looks into the rising costs of housing in East London.

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East London rents will increase by 10 per cent in 2015, according to estate agents Marsh and Parsons.

The rise in rents has been caused by increasing numbers of people coming into East London because they have been priced out of other areas.

The average price for two bed room accommodation in East London has risen to £460 a week – that means more than £1800 per month.

Rising rents for whole houses and flats have prompted more tenants to continue renting single rooms in shared houses, even when they are well into their twenties and thirties.

Manor Park is top of the rent rise ladder. Whole houses which were rented out at £700 per week only a year ago, now cost £1000 per week; and for a single room in this increasingly upmarket area, you can expect to pay £180-200 per week.

Leyton and Leytonstone are cheaper, with flats priced at around £900 per month, and single rooms at £400 per month.

Estate agents report that even previously downmarket areas such as Silvertown and King George V, are now home to an upwardly mobile, new intake whose rents have risen accordingly.

Is it any cheaper in the suburbs?

According to a local estate agent, ‘customers might think suburban areas are cheaper than central ones, but rising interest in less crowded districts means a further increase in prices.’

Overall, new people coming into East London gives a lift to the whole region, but tenants, new and old, are hard pressed to meet the rise in rents.

Michell Soares Gonzalez is Rising East’s Housing and Employment editor.

 

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