Rent in Islington rose 12% over the past year, new figures show.
By Sonja Tutty, Data Reporter
Rent in Islington rose 12% over the past year, new figures show.
It comes as campaign group Generation Rent said it is “nonsensical” not to have price caps on rent increases, adding it “leads to poverty and homelessness”.
Provisional figures from the Office for National Statistics show the average private rent in Islington reached £2,694 per month in the year to February – up 12% from £2,407 a year prior.
It was also up 28% from an estimated £2,098 a month five years ago.
Data on rent prices is collected by the Valuation Office Agency from a variety of sources, including landlords and letting agents, with the aim of collecting data on approximately 10% of the market.
Across London, the average rent was £2,235 – rising 10% from the year before.
Kensington and Chelsea had the highest rental cost in the region at £3,643 per month, while the lowest was in Bexley at £1,416.
Ben Twomey, chief executive of Generation Rent, said rents have outpaced people’s wages for years.
He said: “They aren’t going up so quickly anymore because, for too many of us, there is simply no money left.
“Renters cannot afford to wait any longer. Building affordable housing is welcome, but it will take years for renters to see the benefit.”
He added the Government must act now to “slam the brakes on soaring rents”.
“We have price caps on things like energy and water, but nothing to stop a landlord suddenly hiking the cost of someone’s home. It’s nonsensical and leads to poverty and homelessness, rippling through people’s lives,” he said.
In February, the average private rent in Great Britain was £1,338 per month. This was £100, or 8%, higher than 12 months ago.
Nathan Emerson, chief executive of Propertymark, said there is “little surprise” that rents continue to increase.
He said: “However, there are reasons to believe that they have not increased at the rate they have done in previous years. For example, recent data has found that annual rent inflation for new lets is running at its lowest level for 3.5 years.”
He added: “Propertymark recognises that the UK Government’s aim is to safeguard renters and give them greater security.
“However, an unintended consequence of continued legislation placed on landlords is a real concern echoed across the industry as overly prohibitive regulations will likely contribute to a reduced supply of rental homes, an increase in rent prices, and make it harder for people to find affordable housing.”
The figures also show the different costs for various homes in Islington, from £2,025 for a one-bed property to £4,008 for a home with four or more bedrooms in February.
Among the property types in the area:
- A detached housed cost £2,962 to rent per month
- A semi-detached cost £2,968 per month
- A terraced house was £3,607 per month
- And a flat or maisonette was £2,321 a month
