Analysis of nearly 43,000 rental properties currently available across London by Benham and Reeves has revealed which London boroughs offer tenants the most varied choice of rental properties, with Hillingdon, Havering and Barnet leading the way.
The research analysed 42,598 rental properties currently listed as available via Zoopla across London’s 32 boroughs and the City of London.
The greatest share of London’s available rental stock is in Westminster (11%), followed by Kensington and Chelsea (8.2%), Tower Hamlets (7%), Brent (5.6%) and Barnet (5.1%), with these five boroughs accounting for more than a third of all rental properties currently available in the capital.
Flats dominate, accounting for 84.7% of all listings (36,061 properties), while 3,692 terraced, 1,723 semi-detached and 1,122 detached properties are currently available in London.
Hillingdon was ranked as London’s most balanced rental market, ranking first for the proportion of semi-detached rental properties (15.5%) and fourth for detached homes (7.6%). Havering ranked second for both semi-detached (13.5%) and terraced properties (25.3%).
By contrast, the City of London has the highest proportion of available rental stock made up of flats, at 99.4%, followed by Tower Hamlets, where flats account for 95.2% of available rental properties, Islington (94.5%), Westminster (93.8%) and Hackney (92.7%).
Detached properties account for just 2.6% of all available rental stock across London, but Kingston upon Thames has the highest proportion of detached properties (8.7%), followed by Barnet and Bromley (both at 8.3%), Hillingdon (7.6%) and Enfield (6.9%).
For tenants seeking a semi-detached property, Hillingdon had a 15.5% share of its available rental listings, followed by Havering (13.5%), Hounslow (12.7%), Harrow (12.6%) and Bexley (10.3%). This is above the London-wide average of 4%.
Terraced properties account for 8.7% of available rental stock across London as a whole, but Barking and Dagenham had the highest share of terraced properties (28.9%) within its available rental stock, followed by Havering (25.3%), Redbridge (20.1%), Newham (18.1%) and Bexley (17.1%).
Benham and Reeves director Marc von Grundherr said: “There’s been no shortage of doom and gloom surrounding London’s rental market, particularly as landlords and letting agents adjust to the changes brought about by the Renters’ Rights Act. However, it’s important that we don’t lose sight of the fact that London remains a substantial and diverse rental market, with almost 43,000 properties currently available to tenants across the capital.
“Of course, there’s a general perception that renting in London means living in a flat or apartment and, to an extent, that’s understandable. Flats are by far the most common rental property type, with both lifestyle preferences and affordability making them the most accessible option for many tenants.
“However, renters certainly aren’t restricted to flat living alone, with thousands of houses also available across the capital. The key is knowing where to look, as the type of rental accommodation on offer varies considerably from one borough to the next.”
This article is taken from Landlord Today