Rental prices continue to soar in Enfield despite London-wide dip

Average rents across Enfield rose by 2% last month while other London boroughs enjoyed decreases of nearly 6%

Enfield’s average rental prices are continuing to rise at a significant rate despite dips seen elsewhere in London.

The collapse of the borough’s private rental market was blamed in early 2023 for the huge increase in demand for temporary accommodation from Enfield Council, contributing to a local housing crisis that continues to place the civic centre in a perilous financial position.

While the rental market across London is now seeing an improvement, with a 1.6% fall in June according to the HomeLet Rental Index, Enfield remains one of a small handful of boroughs still seeing prices go up.

The borough saw another rise of 2% last month, which comes on top of a 10% increase in average rents across Enfield from May 2023 to May 2024. It means the average monthly rental price in Enfield has now topped £1,981.

In London only neighbouring Barnet (4.2%) and Brent (2.7%) boroughs saw bigger increases in June.

Other London boroughs with rising rents include Bromley (1.7%) and Croydon (1.0%). But many boroughs are now seeing prices fall, including Wandsworth (-5.9%), Hammersmith and Fulham and Kensington and Chelsea (-4.3%), Westminster (-3.9%), Tower Hamlets (-3.1%), and Bexley, Greenwich and Lambeth (-2.7%).

The annual growth rate in London, of 1.3%, is at its lowest in three years.

HomeLet claims to provide the “most comprehensive and up-to-date data on rental values in the UK”. Reacting to the latest rental market figures, boss Andy Halstead says: “The data and analysis speak for itself. All stakeholders in the private rental sector are managing their way through turmoil, not least landlords and tenants.

“Professional letting agents have the most difficult task, balancing the needs of both, whilst working in a political void, with uncertainty everywhere. 

“It is rarely quoted that a tenant can now quite easily occupy a rental property for 12 months or so, without paying a penny in rent. Whilst this is a fact, politicians run away from dealing with the challenge. 

“A viable private rental sector requires support for all stakeholders, including agents and landlords, this still looks like a pipe dream. Rent guarantee and legal protection have never been more important.”

The HomeLet Rental Index uses data on actual achieved rental values for just-agreed tenancies arranged in the most recent period. A full breakdown of rent increases, variances and rent-to-income ratios can be found on the HomeLet website.

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