Haringey 'home to fastest rising rents in London'

by Sarah Ashcroft

The London borough of Haringey is witnessing the fastest rising rents of any single location anywhere in the capital.

New figures from the Valuation Office Agency show that the average rent in the area was £1,200 a month in October last year, up from £962 in October 2011. 

What's more, it's predicted that it will reach £1,606.23 by October 2016, reports the Ham & High.

This puts Haringey in a position where it will be roughly in line with the average rent in London by 2016. However, in 2011, it was some way below this level.

Haringey will also overtake neighbouring Barnet in terms of how expensive it is to rent for the first time in history, while it should close the £230 gap that existed between it and Hackney in 2011 to only £88 in two years' time.

Joanne McCartney, Haringey's assembly member, has suggested to the Mayor of London that he should hold an investigation into unsustainable rent rises.

"The current rate of rent inflation is making London unaffordable for people to live here, even those on good salaries," she said.

"With home ownership an ever distant dream for many, it is time Boris Johnson used his position and launched an investigation into unsustainable rent rises and possible mechanisms for tackling them."

Should Mr Johnson act on her recommendations, he is advised to establish new measures that would help to stabilise rents in the city.

Such increases in rental values are, of course, good news for landlords, and those who can afford to invest in property could be wise to buy homes in London to be rented out.

Hornsey resident and Labour candidate in the upcoming May elections Adam Jogee said that he agrees with Ms McCartney that action must be taken to help tenants afford to rent in London.

He warned that families could soon be priced out of a rented property in the capital.ADNFCR-1645-ID-801704333-ADNFCR

Published on: March 18, 2014

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