New figures released by HomeLet rental agency state that Croydon has the lowest average rent throughout Greater London, on average, at just £1,067pcm. This follows the Royal Mail’s findings on migration in and out of Croydon being at an all time high.
According to February’s Rental Index, despite rising rental prices, inflation is continuing to slow throughout the UK, with average rental value just 0.8% higher than that of last year. Rent in Greater London has remained almost unchanged over the past 12 months, seeing just a 0.4% rise.
Commenting on the research, HomeLet’s Chief Executive Officer, Martin Totty said: “In recent months, we have seen landlords treading very carefully with rental price rises, amid concerns about tenants’ ability to pay. With more than one in five landlords blaming an increase in their tax liability for raising rents, it remains to be seen if this can sustain.
“Landlords will hope the Chancellor does not make it harder for them to continue supporting their tenants in this way, with further changes to the tax system or legislation, as he prepares to unveil his Budget on March 8.”
Findings also show that more than half of landlords surveyed in HomeLet’s annual survey are planning on raising rental prices over the next 12 months in order to combat rising inflation and tax liabilities, though the remaining 48.5% of landlords surveyed are focusing on affordable rents for tenants.
Though in theory this shows Croydon to be the cheapest borough to live in, the findings do not correlate with the average income residents are earning, and rental prices in the area still put residents out of pocket. Over 2,500 households in the area are in temporary accommodation.
Though prices may be on average the lowest in the city, there still remains an issue with housing tenants.