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London Rental Prices Decrease

By on November 17, 2014
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In a new book written by Geographer Dr James Chesire and visual designer Oliver Uberti entitled: London: The Information Capital, 12 beautifully presented data maps were created, portraying various unanswered questions about the capital. From outlining the numerous ethnicities within our capital to the number of lost property items handed in, the book is described not as an “atlas but as a series of data portraits.”

The books authors went onto suggest that London is now a city of renters with property prices soaring in the capital as of late, people are turning to rental accommodation as an alternative means to live in the capital.

The data map below portrays a visual representation of Greater London and the increase or decrease in rental prices from April 2013-14.

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According to this data map, median rents from April 2013-14 in East London have decreased, suggesting property supply are now closing the gap with demand.

There are numerous reasons why rental prices in East London have decreased over the past few years, with one major factor being the 2012 Olympic Games held in London. In a bid to be at the heart of the action, many individuals rented accommodation close to the Olympic Park in Stratford. Noticing the increase in demand for properties in the E15 area, rental prices soared, with demand outweighing the supply of properties available. Furthermore, the complete redevelopment of most of the Stratford and other parts of East London area, with new flats being erected and a larger Westfield built, the masses flocked to the new London hot spot in order to gain a front row seat at the spectacle which was the Olympic Games. However, once the Olympics were over, it seems that rental prices had peaked and were now slowly decreasing.

Furthermore, the graph suggests prices within the Chelsea, Kensington area have fallen with areas such as Hackney and Bromley increasing their monthly median rental prices from anything from £101-£1200. However, this is not to say that Chelsea and Kensington have fallen from grace and are now cheap rental areas, with both areas are still one of the most expensive places to live in England.

The second property related data map illustrated the journey along the Central Line, showing the average rental price for a 2 bedroom flat at each stop. The results highlighted the price changes from 2012 to 2014, showing how areas such as Notting Hill Gate, which in 2012 averaged around £3000 for a 2 bed apartment, had fallen in recent years to a somewhat modest £2600, a drop of around £400. However areas such as Bond Street, the highest rental prices on the Central Line, had increased over the past two years with the average 2 bedroom flat now costing at least £4000.

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