London is one of the most desirable places to live in the world, and it is no surprise that rental prices are on the rise. Recent research has revealed that the growth in rental prices in London is being driven by smaller properties.
The research, conducted by property website Zoopla, found that rental prices in London rose by 3.3% in the year to October 2019. This is higher than the UK average of 1.9%. The research also found that the growth was driven by smaller properties, with studio flats and one-bedroom properties seeing the highest increases in rent.
The research highlights the increasing demand for smaller properties in London. This is likely due to a combination of factors, including the rising cost of buying a property and the increasing number of people looking to rent in the capital.
The research also found that rental prices in London were highest in areas such as Kensington and Chelsea, Westminster and Camden. These areas are popular with young professionals and students, who are often looking for smaller properties.
The research highlights the need for more affordable housing in London. With rental prices continuing to rise, it is becoming increasingly difficult for people on lower incomes to find affordable accommodation in the capital.
In order to address this issue, the government needs to invest in more affordable housing and ensure that landlords are not taking advantage of tenants by charging excessive rents.
Overall, the research shows that rental prices in London are being driven by smaller properties. This highlights the need for more affordable housing in the capital and for the government to take action to ensure that tenants are not being taken advantage of.