Sign up to our Editors Choice newsletter now! Click here

Olympic legacy? Newham rents rise 39% in last 12 months

Accessibility Menu

Menu Search

24dash - The UK's most up-to-date social housing and public sector news website

Olympic legacy? Newham rents rise 39% in last 12 months

24DASH.COM Logo

Published by Max Salsbury for 24dash.com in Housing and also in Finance

Olympic legacy? Newham rents rise 39% in last 12 months Olympic legacy? Newham rents rise 39% in last 12 months

Rents in the east London borough of Newham, home of the Olympic Park, have soared by 39% in the last year.

The research by property firm CBRE shows the average rents there have jumped from £1,200 to almost £1,700 a month.

Prices have also shot up in the boroughs that border Newham, with Redbridge rents rising by 28%, Greenwich 24% and Tower Hamlets 18%.

House prices in the affected areas have not increased anywhere near as much.

Jennet Siebrits, head of residential research, CBRE, said: “The rise in average rents in east London reflects the improved desirability of the area as a destination. This has inevitably had a positive impact on rents. A large number of new residential schemes have come to market over the last few years, and renters can now choose from a raft of high quality developments.

“Regeneration in Newham, accelerated by the Olympics, has bolstered the rental market by improving infrastructure, increasing jobs and delivering a raft of new cultural and sporting facilities, which is anticipated to increase the area’s appeal for young professionals. Newham houses the youngest population in London, with 41 per cent of residents under the age of 25.”

READ NEXT »

Close Caption Competition

Caption Competition

Comments

Login and comment using one of your accounts...