Tenants are moving out of the centre of London to save money on rent, say agents Cluttons.
Areas in the east of the city, such as Wapping, Limehouse and the Isle of Dogs, are attracting 41% more tenants, and to the south-west, Clapham, Battersea and Wandsworth are attracting 53% more tenants than at the start of the year.
Cluttons says that average weekly rents in prime central London are now £1,016 – the same as a year ago – but that companies are reducing accommodation allowances and tenants themselves are cutting back. Average rents in the Isle of Dogs are a third of the price, at £331 per week.
Sue Foxley, head of research at Cluttons, said: “Supply is now creeping ahead of demand in prime central London.”
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