Rocketing rental prices are not all bad news for Wimbledon estate agents, who claim the increase helps the area’s exclusivity.
Rocketing rental prices do not spell doom and gloom for Wimbledon estate agents, who claim the inflated market helps shape the area’s exclusive identity.
The average rent of two-bedroom properties in Wimbledon has soared to £337 per week, cementing the area’s affluent social character.
Huge rental prices are forcing tenants to cut costs and flat share, with City workers becoming the most likely occupants of shared housing.
A letting manager at Wimbledon estate agents, SW19, with the slogan ‘all in the postcode’ said: “People who come here have money to spend. They come toWimbledon knowing they can afford to live here.
“High rents are not putting people off – they have given us a much nicer clientele.”
The culture of ‘professional sharers’ is fast-developing.
More professionals from the City are sharing flats in Wimbledon than ever before; with its 12 minute commute to the heart ofLondon.
Luke Madsen, 24, finance analyst, renting nearby Putney, said: “It costs so much here. I would like to buy one day but the deposit to put down for a place inLondonis way too expensive for a recent graduate.
“I will probably go back and live at home with my parents when my current contract ends in April to save money.”
With average rents in London now exceeding £1,000 a month, for the first time, according to a recent survey by LSL Property Services, renting remains the only option for some.
Tony Mendes, West-End based estate agent, said: “The rental market has never been better.
“If you’re a 26-year-old you’re not going to keep living with your parents until the market improves are you?”
Over-inflated prices are also forcing the property search out of the capital, with migration beyond the M25 continuing.
Rosemary Rogers, reallymoving.com director, said: “London is considered to be holding strong property values in the current market.
“This leads us to consider that London residents are cashing in on the high value of their homes and moving into less expensive regions.”