Posts with tag: Spotahome

Spotahome analyses rental affordability and job availability in London

Published On: October 9, 2020 at 8:20 am


Categories: Lettings News,Tenant News

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Greenwich and Waltham Forest are currently the best London options for renters looking for a mix of rental affordability and job prospects, according to international rental marketplace Spotahome.

It analysed data on current job opportunities within five miles of each London borough. On average, it found that there are currently 11,280 jobs per borough.

There is, however, a far higher level of job opportunities in 11 boroughs, where you can currently find between 25,740 and 29,631.

Spotahome found Westminster to have the most job opportunities on offer, with almost 30,000 within five miles of the borough.

Lambeth also ranks high with 29,546 current roles available, along with the City of London (29,045), Camden (28,875) and Islington (28,788). 

However, due to their largely central locations, 10 of the 11 boroughs with the most job opportunities within five miles are also home to an average rent above that of the London average. 

Both Waltham Forest (26,490) and Greenwich (25,740) have a considerable level of available job roles within five miles of each borough. With an average rent of £1,476, Greenwich is only marginally higher than the London average, while Waltham Forest comes in 7% more affordable at £1.352.  

UK and Ireland Country Manager of Spotahome, Nadia Butt, commented: “Despite a Government U-turn on returning to our physical workplaces, many tenants heading to the capital continue to be motivated by the availability of work and the ability to rent within a commutable distance to their workplace. 

“As with most aspects of living in London, a higher level of job opportunities within a short distance does command a higher level of rent, however, for those that do their research this doesn’t have to be the case. 

“Both Greenwich and Waltham Forest offer everything you could want when renting in London. Both boroughs are home to relatively affordable rental prices, an abundance of green space, social amenities and great transport links.

“In what are currently tough times for those searching for a job, they also offer the greatest wealth of employment opportunities within a five miles radius.” 

Table shows the current level of job opportunities advertised within five miles of each borough and the current average rent
London BoroughCurrent job opportunities within 5 milesAverage rent per month
Barking and Dagenham1,520£1,208
Kingston upon Thames2,706£1,306
Richmond upon Thames4,560£1,835
Hammersmith and Fulham6,594£2,117
Kensington and Chelsea6,989£3,023
Waltham Forest26,490£1,352
Tower Hamlets28,328£1,835
City of London29,045£2,274
London Average11,280£1,450
Data SourcesIndeedONS

London high street tenants are paying above average rent prices, says Spotahome

Published On: September 4, 2020 at 8:28 am


Categories: Tenant News

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Tenants are paying above the average rent price for London to live closer to a high street, research from Spotahome reveals.

Spotahome looked at each London borough based on the high street population as a percentage of total population. 

The research shows that in all nine boroughs where more than 50% of the population is located on or near the high street, people pay above the London average rent of £1,644. 

As an example, 82% of renters in the City of London are living on or near a high street, paying an average monthly rent of £2,274.

Spotahome has pointed out that a shift in priorities could occur due to COVID-19, leading to higher demand and higher rents in areas with more green spaces instead.

However, all London boroughs with less than 34% of its population living on the high street have an average rent price less than London’s overall average of £1,644.

UK and Ireland Country Manager of Spotahome, Nadia Butt, commented: “While it’s understandable that people pay more to be near amenities like tube stations, bars and restaurants, this trend may be shifting.

“After spending months inside, many tenants are prioritising green spaces over the busy high street, especially as they look to avoid being exposed to the virus in the event of a potential second wave.

“Therefore, we may see a rebalancing of the cost of renting, as demand shifts from the high street to parks and greenery, with these currently more affordable boroughs climbing in cost as a result.”

BoroughHigh street population as a share of total local authority population (%)Average rent pm
City of London81.8£2,274
Kensington and Chelsea71.4£3,023
Hammersmith and Fulham64.9£2,117
Waltham Forest49.7£1,352
Tower Hamlets39.5£1,835
Richmond upon Thames34.2£1,835
Barking and Dagenham31.9£1,208
Kingston upon Thames28.3£1,306

London renters can reduce rental outgoings by 137%

Published On: July 27, 2020 at 8:20 am


Categories: Lettings News

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London tenants can reduce rental outgoings by as much as 137% without leaving their current borough, says international rental marketplace Spotahome.

Its research involved the analysis of current rental prices across the capital. It highlights that the overall average monthly rent price is £1,516, but the most expensive postcode sits at £2,888 and the least expensive at £900. This is a 221% difference between the most and least expensive.

Moving to a cheaper borough might not be an option for most, due to location requirements, so Spotahome has taken a closer look at specific postcodes. By simply moving elsewhere within the same borough, tenants could save a significant amount of money.

The best example of this is the borough of Havering. The RM4 postcode has an average monthly rent price of £2,600. By moving to RM1, with an average rent price of £1,098 per month, rental outgoings could be cut by 137%.

Even in Haringey, the borough with the smallest rental price difference between postcodes, renters can save up to 20% by moving postcodes. 

UK and Ireland Country Manager of Spotahome, Nadia Butt, commented: “Location is key for many London renters, but it’s often the first thing we compromise on to keep costs down.

“While this is inevitable in a market such as London, compromising on location doesn’t necessarily mean moving miles away from where we want to be.

“Our research shows you can cut your rental outgoings considerably in every borough of London, simply by moving from one part to the other.

“While you might not be exactly where you want to be, it means you can remain a short distance away and still have more money in your pocket after your rent is due.

“Particularly in the current circumstances, many tenants may be struggling financially and by being able to reduce what is likely to be their largest financial outgoing, this could make a real difference.

“With such a diverse rental market, finding your perfect London rental is all about research. The more time you spend on it, the more likely you are to find a suitable more affordable property.”

reduce rental outgoings

Croydon is London’s most affordable commuter rental hotspot

Published On: July 2, 2020 at 8:20 am


Categories: Tenant News

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Research from Spotahome looks at rent costs across London boroughs with good transport connectivity. The results show that tenants pay £87 in rent for every train or tram stop present in each of the capital’s boroughs.

The virtual property viewing service has looked at the number of train or tram stations, along with the average rental cost in each borough. It then looked at what this equated to as a rental cost per station. Spotahome reports that, on average, an underground, overground, DLR, or tram link increases rent prices by £87 for every station located in a borough.

Top of the list is Croydon, with an average borough rent of £1,136 a month and 42 stations. The research calculates that this makes the rental cost per station £27.

With just five tram or train stations and an average rent of £1,407, Harrow is home to the highest rental cost per station at £281.

London boroughs ranked by the lowest rental cost per train or tram station

Rental data sourced from the ONS

Spotahome also looked at each borough based on its Public Transport Accessibility Levels (PTAL) score and the cost of renting. PTAL score, used by Transport for London, measures the accessibility of a point to the public transport network, taking into account walk access time and service availability. It essentially measures the density and accessibility of the public transport network at any location within Greater London.

The least connected areas with a PTAL score of between 0-10 have been recorded to cost an average monthly rent of £1,360. In comparison, boroughs with a PTAL score of 10+-20 have an average rent of £1,706. It climbs again for scores of 20+30 to £2,256 and then those scoring over 30 reach an average of £2,732.

London Boroughs ranked by the lowest rental cost per train or tram station

Rental data sourced from the ONS
PTAL score sourced from the London Datastore