What is responsible for pushing up rents by 25% in these ordinary London areas?

Boris bikes are responsible for pushing up rents in areas considered to be property “backwaters”, a London estate agent has discovered.

Rents have increased by up to 25% in areas such as Sands End, Walworth and Haggerston since Boris bikes were introduced, according to Benham & Reeves.

This compares to an overall rise of 5% across London.

These areas had been spurned by renters in the past because they were seen as too far from a tube or train station, however after Boris bikes were introduced in 2010, their popularity grew rapidly.

Marc von Grundherr, director at Benham & Reeves Residential Lettings, told the Evening Standard: “Over the space of two or three months, I had a couple of tenants saying I don’t want to rent in that street, I want to rent in this street.

“They said it’s because there is a bank of bikes next to the property. I started to think whether there was a correlation between the bikes going in and price increases.”


First-time buyers in London need a lump sum of £70,000 to get on the property ladder

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