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 Propertymark, which represents estate agents, said selling property or turning to the short-term letting market is becoming a “more attractive” option for landlords.
Provisional figures from the Office for National Statistics show the average private rent in Islington reached £2,599 per month in the year to October – up 12% from £2,315 a year prior.
It was also up 26% from an estimated £2,061 a month five years ago.
Valuation Office Agency rent officers collect prices from a variety of sources, including landlords and letting agents, with the aim to collect data on approximately 10% of the market.
Across London, the average rent was £2,172 – rising 10% from the year before.
Kensington and Chelsea had the highest rental cost in the region at £3,462 per month, while the lowest was in Bexley at £1,377.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Getting good news about your rent is about as common as discovering your housemates have washed up for you, or your landlord suggesting you get a dog.
“It means for many, the only way out of the endless cycle of rising costs is to buy, but this is far easier said than done when rents absorb so much of your income.”
In October, the average private rent in Great Britain was £1,307 per month. This was £105, or 9%, higher than 12 months ago.
Nathan Emerson, chief executive at Propertymark, said: “As we continue to see a further increase in rental prices across the UK, our members continue to emphasise key concerns regarding the ongoing trend of lack of rental stock versus an ever-growing number of tenants looking for homes.
“Selling up altogether or turning to the short-term letting market is becoming a more attractive option for landlords due to the challenging legislative changes and increased financial liabilities they face.”
The figures also show the different costs for various homes in Islington, from £1,948 for a one-bed property to £3,872 for a home with four or more bedrooms in October.
Among the property types in the area:
- A detached housed cost £2,856 to rent per month
- A semi-detached cost £2,858 per month
- A terraced house was £3,487 per month
- And a flat or maisonette was £2,237 a month
