An apartment in Notting Hill is available to rent for £900 a month, but there’s a catch. The space in the top floor apartment is so small that the small kitchenette is right next to the toilet and the apartment has no oven.
Instead, photos of the studio on Westbourne Park Road show a wall-mounted fridge, cupboards and microwave. In the opposite corner, a double bed and a bedside table are placed under the single window of the apartment.
A dining table and two chairs sit at the end of the bed and next to the kitchen counter.
The listing reads: “The double studio comes with its own kitchen area, its own shower and toilet. Located minutes from the great amenities of Westbourne Grove and easy access to Portobello Road and Queensway.”
The average price of a studio apartment in Notting Hill is currently around £1,250 per month (£260 to £300 per week), while one-bedroom apartments cost an average of £2,150 per month (from £450 per week). Two-bedroom apartments can cost between £550 per week and £1,200 per week depending on size, averaging around £3,700 per month.
The cost of renting has hit an all-time high since Londoners began the post-pandemic return to the city.
Rents in London rose 22.5% in the year to January 2022, when there were 67% fewer homes on the market over the same period.
Jackie Krakutovska, head of rentals at Hamptons International, says the increase in people wanting to rent in Notting Hill has been huge, while the supply of rental accommodation is at an all-time low.
“We’ve never had fewer properties on the market at this point in the year,” she said. “The offer is the lowest we have ever seen.”
“There is a very, very low stock supply in our area in particular. I’ve done rentals for 20 years and I’ve never seen anything like it.”
Knight Frank reports that rental values in London and the Home Counties have soared 5% above their pre-pandemic level. In central London, in particular, rents rose 19.8% year-on-year, the biggest increase since 1995.
Gary Hall, Head of Rentals at Knight Frank adds: “It is a difficult time to be a tenant at the moment, rents are rising and inventory availability is low which means transaction volumes are lower. That said, we believe inventory levels should start to improve later this year. »