This is why renting in London is finally getting cheaper

Time to move?

Words by Jadie Troy-Pryde

Renting in London is stressful, expensive and once you’ve exhausted all your Tinder matches its this likely that you’ll end up sleeping with one of your housemates (word of warning: just don’t).

All your friends are slowly starting to buy houses outside of the capital, and their mortgage payments for a 15 bedroom mansion in the country are the same as your monthly rent for a box room with damp in Clapham.

But wait, city renters! We’ve finally got some good news for you. Before you decide to wave goodbye to your favourite artisan bakery and avocado smash, it seems that rent in London is actually getting lower.

According to a rental index by landlord and tenant supplier HomeLet, the average monthly cost of renting in the UK has dropped for the first time since December 2009. The average monthly rent on a tenancy starting May 2016 came in at £904, whereas tenancies starting in May this year were £901, meaning a 0.3% dip.

But before you do a ‘big whoop’ and return to drinking your avocado latte you London-dwelling millennial, the average monthly rent in the capital has fallen 3% in a year, meaning that while the average rent in July 2016 was £1,572 it’s now down to £1,502.

Although it’s suggested that Brexit and a weaker pound are partly to blame, it’s also difficult to say whether they will continue to decrease or whether you need to snap up a bargain rental asap.

That’s an extra £70 a month you could be saving/spending on fancy brunches.

Reading now

Popular Life stories