The London rental market is in chaos due to extreme property shortages. There are currently 6,271 homes available for rent in Westminster. Tower Hamlets, east London, has 3,568 homes, while Chelsea and Kensington have 3,452 properties. Laura Stronghill, senior head for lettings at Hamptons Canary Wharf office said that Tower Hamlets’ high numbers can be explained by the large number of build-to-rent developments and new builds in the region, such as Canary Wharf Group’s Vertus residential tower and Landmark Pinnacle residential building. Higher stock levels don’t necessarily mean lower prices and a less competitive market. Ms Stronghill stated that despite the apparent high stock levels, demand continues to outstrip supply. Multi-offers are being made on most properties. This is likely because most Londoners who return to London are based in Canary Wharf or the City and want easy commutes and as little public transport as possible. These large sites are in high demand. Stronghill said it was also about the “right kind of stock” that is coming onto the market. Rightmove reports that there are approximately 1,800 properties in Tower Hamlets, but that only 555 are one-beds and 837 are two beds. Rent in London: The cost of renting a flat across London. James Benson, cofounder of James of Westminster, stated that flats were “flying from the door” before photos have been taken. He explained that the reason for the higher availability was because rents in Westminster are prohibitively high for people to consider if they only work in London for three days per week. There were less than 500 homes in Havering, Bexley and Sutton, as well as Barking and Dagenham. London boroughNumber of rentalsWestminster6,271Tower Hamlets3,568Kensington and Chelsea3,452Camden2,782Hammersmith and Fulham2,327Wandsworth1,926Barnet1,855Lambeth1,655Brent1,540Southwark1,495Ealing1,490Islington1,463Newham1,146Hackney1,107Croydon1,049Hounslow1,023Haringey1,018Lewisham990Greenwich905Hillingdon897Redbridge789Harrow738Merton737Enfield693Richmond upon Thames625Waltham Forest546Bromley537Kingston upon Thames500Barking and Dagenham373Sutton333Bexley308Havering288City of London220
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