From September 2017 Lambeth ranked second in London boroughs with the highest average rent.
Figures suggest there are a number of reasons for this.
After eight months of watching rents fall, Lambeth rents have rocketed to ‘£2,775 pcm’ on average as well as the number of rental accommodation halving. There is already a long-standing issue with rent prices in the borough, along with a shortage of affordable homes.
Most rental properties in the area range between ‘£2,000 to £5,000 pcm’ which many cannot afford.
This is associated with an influx of wealthier people moving to the area, making it a more sought-after place to live.
Another factor is the increased stamp duty tax that landlords now face.
Local resident Oliver Seddon, “It’s a massive hindrance on students, who are trying to establish residency close to the university”. With another student resident Ezme Selby stating “It’s limiting my options for next year, as I’m not wanting to stay in halls but simply can’t afford any properties close by”.
This can be shown by the fact there is only 37 properties currently in the area to rent for between ‘£500 to £1,000 pcm’, which is the standard student budget for accommodation per month.
Previous resident Lily stated “there is a noticeable increase in the price of rented accommodation as the area has become a more sought after location”.