The average price of a flat in London has dropped from £3,000 to £1,600 in just two years, according to a new survey.
A new report by Rent London, a London property site, found that a new study by Rent Economics found that rents have fallen by £3.4 per cent across London over the past three years.
A report from real estate consultancy Real Estate Institute (REI) showed that London has been the hottest housing market in Europe in recent years, with a median rent of £1.35m in July, up by £1m on the previous month.
The REI report, which examined average rents across the country, found a sharp increase in the price of properties in London from £1million in January to £2.5m in June, the highest figure since July 2015.
But there has been a big fall in rents in areas around the capital, including in the South Bank and Canary Wharf, where rents have dropped by 10 per cent in just three years, the report found.
A recent study by REI found that London’s housing market is set to continue to boom in coming years, as demand for apartments grows and demand falls as a result of globalisation.REI says it has been working to improve the data and quality of rental data in the UK since 2014, when it started providing data to the government.