7 Jun

Prime central London tenants driven further afield by prices

Prime central London tenants driven further afield by prices

Tenants who live in central London are looking to move further out of the city in order to find an improved price level within their budget, a new survey has discovered.

According to the latest findings from Cluttons, the cost of living in buy-to-let properties in central London in the first three months of 2013 rose by 1.3 per cent, leaving many facing up to prices in excess of £1,000 per month on average.

This has meant, the estate agent said, that more people are looking further afield, with the Isle of Dogs, Limehouse and Wapping gaining a 42 per cent increase in demand, and Clapham and Battersea seeing 53 per cent higher levels.

Rental prices have been rising across the entirety of the UK in recent years thanks to this ever-growing demand, but London has always experienced faster acceleration than in other UK regions.

Sue Foxley, head of research at Cluttons, said: "This is forcing a growing number of tenants to look further afield for cheaper accommodation. As a result we are seeing migration out to the periphery of prime central London, to zones two and three where rents are significantly lower than the prime core."ADNFCR-1222-ID-801596351-ADNFCR

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