Question:

Why renting home in london is so expensive?

by Jack Fisher  |  12 years, 6 month(s) ago

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Why renting home in london is so expensive?

I was on a train this morning and read it in one of the local newspapers a big head line "Private rents in England unaffordable, says Shelter".  This is no surprise to those who have been searching for a decent home to rent. It seems the rent value has now gone by all those whos pay has not increased by 25% in the last couple of years.  
According to Shelter, Average monthly rent for two-bedroom home in London is £1,360 - almost two-and-a-half times more than the rest of England.  This is crazy no wonder my landord wants me to move out

But london is not as bad as some of the other areas in the UK, for example Rents for two bed home in Kensington and Chelsea is £2,714 a month.  At this rate it won't be long before lots of people pack their bags and move to Burnley in Lancashire where the rent is  £394 a month.  

Can one of the property experts please provide some feedback on why the rents are so high and is there any hope in the near future.

 Tags: Expensive, home, London, renting

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  1. Tom - uHouse

    The answer lies within demand and supply. London has very high demand for housing both domestically (i.e. from people within the UK) and internationally (i.e. from people coming from abroad). For example, there were 428,255 international students in the UK this year, 26% of them staying in London. 


    As there is growing demand, and a fixed supply of properties, the price goes up. Compared to other cities around the world, London is limited in it's ability to grow. There are restrictions on the height of buildings, which is why there are very few skyscrapers (compared to, say, New York) and there's the Green Belt which stops expansion into the countryside. 


    However, there are new services coming out to help people on a budget. For example, http://uhouse.co helps people find affordable accommodation on a student budget. You should take a look.

  2. James Harley

     Renting out a home in London is expensive because of the following reasons.



          
    • London is one of the most excpensive areas in the world.

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    • it is the capital of a Royal Country

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    • demand for homes in London is increasing day by day because of International students as Education is the main sourceful Industry in the United Kingdom

      •     
    • London also seems expensive in the sense of the Dollar and Pound comparison.

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