Guernsey exceeds London for most expensive rental rates

on Mar 16, 2015
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Believe it or not, London is not at the top of the list when it comes to Britain’s highest property rental prices. That award goes to a location further south.

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According to research done by the flatshare and houseshare website EasyRoommate, rents on the small island of Guernsey are the most expensive, coming in at £737.10 a month in 2014. The capital city follows in second at almost £100 less. “Given that it’s an island with restrictions on construction, there’s a shortage of property to rent,” said Russell Quirk, chief executive of online estate agent, eMoov. “Particularly as many homes are used for holiday lets.” This shortage of housing has pushed rental prices up and not just in Guernsey, but in some of the most popular areas of Great Britain.
For example, in London many people have been forced in to staying in rented accommodation due to high property prices and constantly increasing demand. With a ratio of 10 tenants competing for every 1 room in 2014, the seriousness of the housing issue in the capital city was highlighted again last week when a flat in Mayfair with dimensions equal to a bathroom was rented within 40 minutes of appearing on the market. The tenant reportedly paid a £10,000 advance on the flat and did not view the property before moving in.
The top 5 places with the highest rents behind Guernsey and London are all based in Surrey – a product of them being located in the South East London commuter belt.
However in terms of housing supply, things are just as bad, if not worse in the Scottish capital of Edinburgh, where there are roughly 13 people competing for every available room. Comparing rental rates with the English capital though, Edinburgh tenants pay a markedly less £536 per month. In fact, Scottish rents as a whole have increased at a decidedly slower pace than those in England and Wales.

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