According to a recent report published in The Telegraph, London is considered to have the most expensive rental price on Earth and the massive influx of people who choose to rent in the capital drives the prices up. While Kensington and Chelsea (£3,405) and Westminster (£3,062) are known to have the highest average rent, Bexley (£1,007) and Havering (£1,083) are still considered far more affordable.
On the other hand, despite the increasing cost of renting homes, the steeply increasing cost of property makes more than 33 percent of those within the age range of 25 to 34 years old prefer to rent than buy homes, according to Express UK.
Moreover, a study by Thomas Villeneuve of Weroom reports, "As prices continue to rise, flat-sharing is an increasingly common housing option. Gone are the days when young couples married and moved into their home to begin a family. Nowadays, key milestones, such as marriage and children, are celebrated in rented accommodation. Likewise, older Brits are turning to flat shares in later life - unheard of a generation ago."
But besides the soaring cost of property, people still want to rent in the capital than buy homes. According to The Telegraph, there are still areas outside of London were rent is cheap. And speaking about Bexley, Jennet Siebrits, head of residential research at CBRE said, "It is a great place to live, but in outer London and therefore priced accordingly, it's typically a family location, so hasn't been a huge rental market. But it's cheaper rents have attracted renters, hence the growth."
She also added, "London is arguably the global financial center and attracts the top international conglomerate companies, which have workers who need temporary rental accommodation. At the other end we attract Europeans who come here for employment opportunities, who also need accommodation and are not able to access the owner occupation market."
