Home Property Top 10 highest asking rent growth areas in London

Top 10 highest asking rent growth areas in London

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28th Mar 18 7:56 am

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Potential tenants looking to rent in Hackney will find asking rents are almost £700 higher for a two-bed home compared to 10 years ago according to new analysis of over 200,000 two-bed rental properties by Rightmove.

The top ten highest growth areas over the past 10 years are all in London, the list being a mixture of relatively more affordable areas like Dagenham and Eltham and areas like Harold Wood and Southall where upcoming Crossrail has pushed up rents.

Rightmove’s Housing Market AnalystMiles Shipside comments: “Hackney has seen pretty heady increases in both asking rents and house prices in the area over the past ten years, as it has been transformed from a cheaper location into a more popular and higher-priced address. 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. The growth in these areas compares with places like Barnes, Chelsea and Canary Wharf which seem to have topped out long ago as rents are pretty much the same as they were 10 years ago.”

Outside London the highest growth in rents is in Dartford, where asking rents are now over £300 more expensive than 10 years ago. Alongside other London commuter-belt areas in Kent and Hertfordshire are two Scottish cities, Dundee and Edinburgh, which have seen rental increases of 40% and 39% respectively. Renting a two-bed home in Edinburgh is now almost £1,000 a month, compared to just under £700 per month back in 2008.  

Dominic Kleywegt, Head of Lettings at Robinson Jackson in Dartford, comments: “Tenants have been attracted to Dartford over recent years because of the quicker links into the capital. Dartford station was recently revamped and boasts links into Cannon Street, Victoria, London Bridge and Charing Cross and commuters have been able to use their Oyster card since 2015. With easy access to the M25, Bluewater and the Dartford tunnel, the area is highly sought after by tenants and therefore buy to let investors.”

Top ten highest asking rent growth areas in London, 2008-2018

Area

Avg. asking rent

per month (2 bed) 

Q1 2008

Avg. asking rent

per month (2 bed) 

Q1 2018

10 year change
Hackney £1,080 £1,755 63 per cent
Hammersmith £1,824 £2,894 59 per cent
Rainham £724 £1,146 58 per cent
Southall £864 £1,353 57 per cent
Hillingdon £866 £1,344 55 per cent
Hayes £868 £1,346 55 per cent
Dagenham £774 £1,189 54 per cent
Walthamstow £914 £1,393 52 per cent
Harold Wood £756 £1,152 52 per cent
Eltham £800 £1,217 52 per cent
London average £1,322 £1,648 25 per cent

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