Send photos, video and news by texting GUARDIAN SERIES to 80360 (cost 10p), or email us
Olympic boost pushes rental prices out of reach of low earners
The Olympics pushed up rents in Waltham Forest and left those on low incomes struggling, experts say.
Theydon’s estate agents in Church Lane, Leytonstone, said high demand is causing significant rent inflation.
James Gorman, lettings manager, said: “The Olympics put this area on the map. Six months after I noticed a big increase in people coming from west to east.”
With over 250 people on their books looking for somewhere to rent, a two bed-flat in Leytonstone can go for up to £1,400 per month.
Allen Davies Estate Agents in High Road, Leyton, has noticed an increase of 10 to 15 per cent in rents because of an influx of new renters to the area.
Associate Dan Alexander said people are seeing their rent going up and some can no longer afford it.
“They threaten to leave but they can’t find anywhere else because prices have gone up so much,” he said.
Spencer’s Property Services in High Road, Leyton, said the investment in the area for the Olympics last year had made a difference to the rental market.
Mark Sivell, senior manager, said: “They spent a bit of money on the area and it made it a more desirable place to live.
“The area as a whole is getting a better reputation.”
But Mr Sivell doubts the upward trend will continue for much longer.
“I don’t think they can go up much more because they won’t be within people’s reach. Every property has a ceiling,” he said.
Comments are closed on this article.