Rental price gap widens across London

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Data from the new Move with Us Rental Index, which focuses on Greater London, has revealed that there is now a £4,411 gap in asking rents across the capital.

The most expensive borough in November 2013 was Kensington and Chelsea at £5,438 per calendar month, and Bexley the cheapest at £1,027.

This is an increase of £218 when compared to this time last year when the gap between the boroughs was £4,193.

The average asking rent for Greater London has increased 4.34% (£86.27) over the last year and 2.98% (£59.24) in the past three months to reach its current figure of £1,988.

Kingston-upon-Thames provides the most stable asking rents at £1,668 changing just 0.11% (£1.85) in a year-on-year comparison. Asking rents in Lewisham have changed the least in a three month period, moving just 0.08% (£1.08).

Robin King, director of Move with Us, said: “Rents across London have always differed greatly but the gap in the current market is extremely wide. Anyone looking to rent in the capital should do their homework as rents can significantly vary from borough to borough. A tenant’s best option is to look for a borough with reasonable rental prices that are rising slowly, such as Kingston-upon-Thames and Lewisham, and that are also on a commuter route that suits their individual needs.”