The 10 cheapest areas to rent within 10 minutes of central London
The latest research from Rentonomy reveals the 10 cheapest areas of London that are within 10 minutes of the centre of town. They compared 2 bed rents with the shortest train/tube or DLR journey from each area of London to a central station.
Their findings indicate that Walworth in South East London offers the second cheapest rents at an average of £314 per week for a 2 bed, but can get commuters to Central London in just three minutes from Elephant and Castle Rail Station. Well-connected Canary Wharf is a good bet allowing travellers to get to Bank via the DLR in about 6 minutes from Limehouse Station. Living in an area like Peckham or Brixton is much cheaper and still gets commuters to London Bridge or Victoria in about 9 minutes respectively.
According to Director of Research David Butler “This analysis reveals the parts of London which are both well-connected to the centre and affordable. These two factors are arguably the most important considerations for renters when choosing which area to live in”.
House prices down?
According to the latest Land Registry figures, October house prices were down 0.2% compared to September, making the average house price in England and Wales now £165,515 (usual caveats about house price indices apply as usual here), although the annual price rise is a smidgeon over 3.1%.
• London saw the greatest increase in its average property value over the last 12 months, up by 8.7%
• Wales had the greatest monthly risem up 2.4%
• The region with the greatest annual price fall was the North East, down 0.8%
• The North East also experienced the most significant monthly price fall, down 3.1%
• During August, the number of completed house sales in England and Wales increased by 15% to 74,767 compared with 65,014 in August 2012
• The number of properties sold in England and Wales for over £1 million in August 2013 increased by 27% to 1,104 from 871 in August 2012
The most expensive sale in October was of a property in Kensington and Chelsea which sold for £18,700,000. The cheapest was in Middlesbrough at £9,000.
“London is on a trajectory of its own,” said Nicholas Ayre, managing director of homebuying agency Home Fusion. “With limited supply, huge numbers of houses and flats need to be built to satisfy an intense desire for home ownership in London. However, we might be starting to see the end of a sellers’ market and buyers now starting to negotiate harder on prices. Some of the continual press coverage of a “bubble” and adverse commentary about help to buy, may well be encouraging buyers to be far more cautious about the prices they are willing to pay for properties.”
Jonathan Harris, director of Mayfair-based mortgage broker Anderson Harris, added: “With funding more readily available than at any time in the past five years, and likely to become even more so next year, many buyers are finally able to realise their property-ownership dream. The downside is that this surge in demand is pushing up prices, particularly in London, where supply is already limited. Gazumping is rife and sealed bids commonplace, as relatively ordinary properties fetch a premium. Buyers are worried that if they don’t act now, they will be priced out further.”Tagged in: house prices, london, renting
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