Southwark Housing Market Trends Bulletin No. 50 3rd Quarter 2015/16 (October-December)

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1 Southwark Housing Market Trends Bulletin No. 50 3rd Quarter 2015/16 (October-December) January

2 Contents 1.0 Executive Summary Introduction National and London housing market National house prices London house prices National and London rents Southwark Housing Market Southwark house prices Southwark rents Southwark room rents Executive Summary National House Prices (Rightmove) The average national property asking price in January was 290,963. This was up 0.5% from the previous month and up 6.5% in the last year. London and Southwark house prices (Rightmove except 7 th bullet) London Average property asking price (Rightmove), January 2016: 610,741 % change in the last month (Dec to Jan): -0.9% % change in the last year (Jan 2015 to Jan 2016): 7.8%. Southwark Average Property Asking Price (Rightmove), January 2016: 645,339 % change in the last month (Dec to Jan): 0% % change in the last year (Jan 2015 to Jan 2016): 9.1% Using Hometrack 1 data to compare Southwark prices with data 6 months ago: prices rose by 5.0%. Prices increased by 10.8% since Nov The methodology used is explained in the introductory table. National rents HomeLet Rental Index- December 2015 Excluding London rents, the average UK rent for tenancies in the three months leading up to December 2015 was 739pcm. This was 4.9% higher than in the same period last year ( 704pcm). The average cost of renting a home in London was 8% more expensive than in December 2014 at 1,523 per month 1 Hometrack- based on sales and mortgage valuations data 2

3 RICS Residential Market Survey- December 2015 (previously RICS Residential Lettings Survey) The price rise is being driven by a supply imbalance with more buyers than sellers for the eleventh consecutive month New instructions to sell rose for the first time since January 2015 Respondents expect average rents to rise by 5% each year over the next 5 years Southwark rents (analysis of data from Zoopla) At the beginning of January 2016 the median monthly asking rent for a 2 bed property in Southwark was 1,950. Median rent levels rose for 1 bedroom, 3 bedroom and properties with 4 or more bedrooms over the last 6 months. For properties with 2 bedrooms there was no change and studios saw levels fall by -7.7%. 2.0 Introduction The increasing complexity of the housing market makes it important for housing strategists and policy makers to understand what is happening locally so they can plan responses to changes in housing supply and demand. This bulletin of market trends provides an understanding of house prices and private sector rents movements. It is produced by the Strategy & Performance Improvement Team, Southwark Council. We provide these bulletins quarterly for Southwark and twice a year for the South East London sub-region 2. We address market trends nationally, London-wide and locally/across the subregion, broken down by postcode areas and wards. Data has mainly been obtained from the secondary sources listed in the table: 2 The South East London sub-region consists of the boroughs Bexley, Bromley, Greenwich, Southwark and Lewisham 3

4 Data source Used for Dates covered Restrictions Rightmove Hometrack RICS Residential Market Survey (previously RICS Residential Lettings Survey) HomeLet Rental Index Zoopla (which merged with Findaproperty.com and Primelocation.com in 2012) National and regional house sales data analysis Southwark and subregional house sales. National and regional rents data analysis. National and regional rents data analysis Southwark and subregional rents data, excluding rooms. Based on properties put on sale on Rightmove between around the 7 th of the month prior to the title month and around the 10th of the title month. Hometrack provide data 2 months in arrears of when the Bulletin is due. i.e. when doing January s bulletin Hometrack supply data up until month ending November of the previous year. The date we give in this bulletin is the date we downloaded data. The RICS document is published two months prior to our publication date. This data is for the 3 months leading up to the RICS title date. The HomeLet Rental Index uses data acquired from the previous month. The January 2013 release therefore uses data from December Advertisements for rental property are downloaded and analysed in the first week after the end of the quarter. - Based on advertised prices not achieved prices. - Covers approximately 90% of the national sales market. It is based on a combination of land registry, mortgage approval data and surveyor valuations, over the 6 months prior to the date. This data is based on surveys of lettings agents, some rents will not go through lettings agents. Some of this data is the perceptions of lettings agents. No actual rent figures are given and these are hard to find. The HomeLet Rental Index shows agreed rental prices rather than prices that are advertised on property portals. - Data samples can be small for particular property types. - The data is advertised data, not rent levels actually achieved - This is based on a large sample Spareroom.co.uk Southwark and sub regional rents rooms data A high level of attention has been paid to the accuracy and reliability of data. Some of the information comes from external sources and is referenced. The intention is to provide a regular source of data that provides up to date market intelligence and identifies trends in market movement to inform development planning, as well as decision-making in other areas of housing activity. We are interested in any views you might have on the content of these bulletins and would particularly like to know what use you make of them. Many different charts and graphs are available on 4

5 demand. Please contact us if there is something that you need. Please contact John Morteo on or 3.0 National and London housing market This section looks at the housing market on a national scale. It gives an overview of the trends in the national market for prices and rents. 3.1 National house prices ( The Right Move House Price Index, January 2016) The national monthly rise of 0.5% was the second highest rise over Christmas since Rightmove reported that the number of interested parties was up 21%, comparing the first week of 2015 and First time buyers have more property choice and price stood still. The 6.6% increase in first time buyers properties is the biggest increase since The price stand still suggests the impending stamp duty levy could be cooling the market sooner than expected. Table 1 - National property prices and changes by region, January 2016 Avg. Price Jan 2016 Avg. Price Dec 2015 Monthly Change Avg. Price Jan 2015 Annual Change Greater London 610, , % 566, % South West 282, , % 267, % East of England 312, , % 285, % East Midlands 182, , % 177, % North East 142, , % 135, % North West 171, , % 163, % Yorkshire and Humberside 165, , % 161, % South East 383, , % 357, % Wales 166, , % 166, % West Midlands 198, , % 189, % England + Wales 290, , % 273, % Source: Rightmove House Price Index January

6 3.2 London house prices ( January 2016) Table 1 shows that prices in Greater London have fallen by around 0.9% in the past month and have risen 7.8% over the year. Westminster saw the highest monthly price rise between December and January whilst Kensington and Chelsea saw the biggest monthly price fall. Comparing annual price increases by local authority Camden saw the largest annual price increases seeing average prices rise by 38.1%. In contrast, Haringey saw prices fall by 8.1%. The average London property asking price in January was 610,741. The average Southwark property asking price in January was 645,339. In Southwark, prices remained the same over the past month but rose 9.1% over the past year. Table 2 The 5 largest rises and highest falls in average monthly asking price in London in January London's top 5 by average price change Monthly change London's bottom 5 by average price change Monthly change Westminster 15.8% Kensington and Chelsea -9.7% Camden 10.8% Merton -8.9% Hillingdon 5.4% Haringey -7.7% Barnet 3.1% Hounslow -6.2% Barking and Dagenham 2.6% Harrow -5.0% Source: Rightmove Survey, January

7 Table 3 Average prices and price changes in London Boroughs in January 2016 Borough Avg. Price Jan 2016 Avg. Price Dec 2015 Monthly Change Avg. Price Jan 2015 Annual Change Kensington and Chelsea 2,256,043 2,497, % 2,193, % City of Westminster 2,044,240 1,764, % 2,055, % Camden 1,338,376 1,207, % 968, % Hammersmith and Fulham 1,072,983 1,095, % 1,009, % Richmond-upon- Thames 906, , % 780, % Wandsworth 808, , % 812, % Islington 734, , % 680, % Barnet 703, , % 643, % Southwark 645, , % 591, % Hackney 634, , % 591, % Kingston-upon-Thames 633, , % 593, % Merton 611, , % 589, % Ealing 609, , % 565, % Lambeth 608, , % 597, % Brent 601, , % 580, % Tower Hamlets 584, , % 556, % Haringey 558, , % 608, % Harrow 521, , % 470, % Hounslow 514, , % 464, % Bromley 498, , % 483, % Hillingdon 465, , % 394, % Lewisham 453, , % 411, % Enfield 447, , % 402, % Greenwich 441, , % 386, % Waltham Forest 439, , % 380, % Redbridge 432, , % 380, % Newham 401, , % 332, % Croydon 399, , % 355, % Sutton 397, , % 372, % Havering 359, , % 320, % Bexley 337, , % 297, % Barking and Dagenham 287, , % 240, % Source: Rightmove House Price Index January

8 3.3 National and London rents RICS UK Residential Market Survey- December 2015 (previously RICS UK Lettings Survey) The price rise is being driven by a supply imbalance with more buyers than sellers for the eleventh consecutive month. The high number of buyers last month might have been due to unseasonably mild weather. New instructions to sell rose for the first time since January 2015 Respondents expect average rents to rise by 5% each year over the next 5 years The following bullet points are some of the key points from the HomeLet Rental Index- December 2015 Excluding London rents, the average UK rent for tenancies in the three months leading up to December 2015 was 739pcm. This was 4.9% higher than in the same period last year ( 704pcm). Average rental values increased in ten out of twelve regions of the UK, compared with this time last year. And in London: The average cost of renting a home in London was 8% more expensive than in December 2015 at 1,523 per month. Average rents in London are 106% higher than the rest of the UK. Also from the Homelet Rental Index- Dec 2015 Homelet have also analysed the rents charged on all new tenancies between the 1 st January 2015 and the 31 st December 2015 by London borough. The latest rental index shows the average rent charged during that period and the % increase since the same period the year before: London borough Avg rent 12 months to Dec 15 Annual variance Bexley % Bromley % Greenwich % Lewisham % Southwark % 8

9 4.0 Southwark Housing Market In this section we focus on the Southwark housing market. We examine prices and rents in detail across small geographic areas such as wards and postcodes and identify the costs of different housing types within these areas. Our information on prices is taken from Hometrack s Real Demand programme and the information on rents is taken from Zoopla.com. A big difference is that Real Demand measures its areas in wards, whereas Zoopla.com provides its information by postcode. It is hard to show how wards and postcodes align. The following table shows broadly how areas and postcodes relate to each other. A map is also included, Southwark is the purple borough. Postcode Main Area Postcode Main Area SE1 Borough, Waterloo SE17 Walworth SE5 Camberwell SE21 Dulwich SE11 Kennington SE22 Dulwich SE15 Peckham SE24 Herne Hill SE16 Bermondsey, Rotherhithe Below are descriptions of some common data terms used in this section: Median. This is the middle value of a set of data and represents the average price of a property Lower quartile. This is calculated by ordering the data from the smallest to largest and finding the value that lays 25% of the way up the data. This represents the more affordable properties Upper quartile. This is calculated by ordering the data from the smallest to the largest and finding the value that lays 75% of the way up the data. This represents the most expensive properties. 9

10 Map1 Postcode districts within Southwark 4.1 Southwark house prices We will now have a detailed look at house prices looking at these based on local authority areas. The following tables display a comprehensive price list for housing in Southwark at a borough and ward level for both the average price and the lower quartile price. Borough averages for the South East London sub region and Lambeth are also listed for comparison. The data for November 2015 was downloaded in January The Southwark average house price (Hometrack) for November 2015 was 586,698, an increase of 10.8% since November House prices vary across the borough with properties in Cathedrals ward costing almost twice as much as those in Peckham, per square metre. 10

11 Table 4a Average prices in Southwark by ward and housing type, Nov 2015 (Red is highest value and blue is lowest value) Borough and Wards Overall Average Detached Semi Terraced Flat Sq Metre Sq Foot Bexley 324, , , , ,666 3, Bromley 488, , , , ,571 4, Greenwich 442,613 1,016, , , ,292 4, Lambeth 610,342 1,455,514 1,074, , ,164 6, Lewisham 435, , , , ,230 4, Southwark 586,698 1,543,326 1,067, , ,424 6, Brunswick Park 569,688 n/a 741, , ,995 6, Camberwell Green 403,053 n/a n/a 640, ,925 6, Cathedrals 668,039 n/a n/a 1,298, ,729 9, Chaucer 573,610 n/a n/a 750, ,274 8, College 730,997 1,765,885 1,144, , ,421 5, East Dulwich 719, ,000 1,022, , ,239 6, East Walworth 471,898 n/a n/a 889, ,362 6, Faraday 437,136 n/a 480, , ,615 6, Grange 606, , , , ,830 7, Livesey 382, ,000 n/a 585, ,166 5, Newington 480,094 n/a 1,100, , ,314 6, Nunhead 506, , , , ,901 5, Peckham 340,671 n/a 500, , ,271 4, Peckham Rye 619,030 1,916, , , ,408 6, Riverside 730, , , , ,066 8, Rotherhithe 456,919 n/a 538, , ,522 6, South Bermondsey 376,436 n/a 510, , ,808 5, South Camberwell 678,164 1,433,175 1,196, , ,273 6, Surrey Docks 479, , , , ,221 6, The Lane 616,426 n/a 772, , ,358 6, Village 1,192,524 2,446,875 1,557,827 1,071, ,024 7, Source: Real Demand (Hometrack) 11

12 Table 4b Lower quartile prices in Southwark by ward and housing type, Nov 2015 (Red is highest value and blue is lowest value) Borough and Sq Overall Detached Semi Terraced Flat Wards Metre Sq Foot Bexley 245, , , , ,000 2, Bromley 310, , , , ,000 3, Greenwich 275, , , , ,000 3, Lambeth 375, , , , ,000 5, Lewisham 290, , , , ,000 4, Southwark 367, , , , ,000 5, Brunswick Park 337,000 n/a 700, , ,000 5, Camberwell Green 340,000 n/a n/a 825, ,000 5, Cathedrals 450,000 n/a n/a 1,185, ,000 7, Chaucer 395,000 n/a n/a 750, ,000 6, College 307,500 1,000, , , ,000 4, East Dulwich 467, , , , ,000 5, East Walworth 310,000 n/a n/a 750, ,000 5, Faraday 340,000 n/a 480, , ,500 5, Grange 403, , , , ,995 6, Livesey 295, ,000 n/a 450, ,000 4, Newington 380,000 n/a 1,100, , ,000 5, Nunhead 325, , , , ,000 4, Peckham 275,000 n/a 500, , ,000 3, Peckham Rye 389,950 1,325, , , ,000 5, Riverside 467, , , , ,000 6, Rotherhithe 340,000 n/a 486, , ,000 5, South Bermondsey 300,000 n/a 510, , ,000 5, South Camberwell 400,000 1,400,000 1,000, , ,000 5, Surrey Docks 380, , , , ,000 5, The Lane 385,000 n/a 625, , ,000 6, Village 670,000 1,500,000 1,300, , ,000 6, Source: Real Demand (Hometrack) 12

13 Table 5a Average prices in Southwark by ward, housing type and size, Nov 2015 (Red is highest value and blue is lowest value) Area 1 bed Prices (Flat) 2 bed Prices (Flat) 2 bed Prices (House) 3 bed Prices (House) 4 bed Prices (House) Bexley 163, , , , ,561 Bromley 239, , , , ,929 Greenwich 270, , , , ,145 Lambeth 361, , , ,763 1,036,082 Lewisham 265, , , , ,360 Southwark 383, , , ,658 1,005,339 Brunswick Park Ward 312, , , , ,000 Camberwell Green 324, ,838 n/a n/a 480,000 Cathedrals Ward 505, ,943 n/a 1,160,000 1,388,333 Chaucer Ward 441, ,654 n/a n/a n/a College Ward 279, ,474 n/a 726,045 1,018,264 East Dulwich Ward 385, , , , ,593 East Walworth Ward 337, ,383 n/a 756,875 1,022,500 Faraday Ward 341, , , ,750 n/a Grange Ward 418, , , ,234 n/a Livesey Ward 288, , , , ,667 Newington Ward 384, , , , ,625 Nunhead Ward 300, , , , ,929 Peckham Ward 265, , , , ,667 Peckham Rye Ward 347, , , , ,438 Riverside Ward 554, , , ,000 n/a Rotherhithe Ward 335, , , , ,333 South Bermondsey 268, , , , ,500 South Camberwell 356, , , ,553 1,189,403 Surrey Docks Ward 350, , , , ,143 The Lane Ward 357, , , , ,998 Village Ward 377, , , ,500 1,315,163 Source: Real Demand (Hometrack) 13

14 Table 5b Lower quartile prices in Southwark by ward, housing type and size, Nov 2015 (Red is highest value and blue is lowest value) Area 1 bed Prices (Flat) 2 bed Prices (Flat) 2 bed Prices (House) 3 bed Prices (House) 4 bed Prices (House) Bexley 139, , , , ,250 Bromley 200, , , , ,000 Greenwich 185, , , , ,000 Lambeth 295, , , , ,000 Lewisham 215, , , , ,250 Southwark 295, , , , ,000 Brunswick Park Ward 260, , , , ,000 Camberwell Green 273, ,250 n/a n/a 307,500 Cathedrals Ward 400, ,500 n/a 1,147,500 1,350,000 Chaucer Ward 358, ,500 n/a n/a n/a College Ward 258, ,500 n/a 658, ,000 East Dulwich Ward 346, , , , ,750 East Walworth Ward 267, ,000 n/a 570, ,000 Faraday Ward 306, , , ,875 n/a Grange Ward 327, , , ,500 n/a Livesey Ward 246, , , , ,000 Newington Ward 310, , , , ,000 Nunhead Ward 254, , , , ,000 Peckham Ward 220, , , , ,500 Peckham Rye Ward 296, , , , ,000 Riverside Ward 430, , , ,000 n/a Rotherhithe Ward 222, , , , ,000 South Bermondsey 235, , , , ,250 South Camberwell 261, , , , ,750 Surrey Docks Ward 325, , , , ,500 The Lane Ward 305, , , , ,500 Village Ward 339, , , ,500 1,100,000 Source: Real Demand (Hometrack) In the next graph, Graph 1, we can see the trends in house prices over the last few years. There is a clear gap between Southwark and Lambeth and the others in terms of average prices. These graphs are based on an average over the previous 6 months as well as land registry data. 14

15 Graph 1 Average price changes in South East London and Lambeth, May Nov 2015 Source: Real Demand (Hometrack) Graph 2 Lower quartile price changes in South East London and Lambeth, May Nov 2015 Source: Real Demand (Hometrack) 15

16 The next table is a detailed ward level look at price changes in Southwark since the last Southwark Market Trends Bulletin (No.48), for the average prices and lower quartile prices. Table 6 Average and lower quartile price comparison, May November 2015 Name Average Q1 2015/16 Average Q3, 2015/16 % change LQ Q1, 2015/16 LQ Q3, 2015/16 % change Bexley (LB) 297, , , , Bromley 445, , , , Greenwich 390, , , , Lambeth 539, , , , Lewisham 401, , , , Southwark 558, , , , Brunswick Park 560, , , , Camberwell Green 459, , , , Cathedrals 738, , , , Chaucer 593, , , , College 509, , , , East Dulwich 673, , , , East Walworth 378, , , , Faraday 413, , , , Grange 561, , , , Livesey 338, , , , Newington 427, , , , Nunhead 448, , , , Peckham Rye 559, , , Peckham 310, , , , Riverside 657, , , , Rotherhithe 480, , , , South Bermondsey 375, , , , South Camberwell 535, , , , Surrey Docks 486, , , , The Lane 551, , , , Village 1,224,620 1,192, , , Source: Real Demand (Hometrack) 16

17 Map 2 Lower quartile South East London and Lambeth overall prices by ward, Nov 2015 Source: Real Demand (Hometrack) Map 3 South East London and Lambeth annual change in average prices by ward, Nov 2015 Source: Real Demand (Hometrack) 17

18 Map 4 South East London and Lambeth three year change in average prices by ward, Nov 2015 Source: Real Demand (Hometrack) Graph 3 and 4 Average (Graph 3) and Lower Quartile (Graph 4) prices across the Southwark borough between May 2010 and Nov 2015 Source: Real Demand (Hometrack) 18

19 Source: Real Demand (Hometrack) 4.2 Southwark rents This section displays information on the data on a postcode basis and for properties advertised on the internet. This information was downloaded in January 2016 from Zoopla. The median monthly rent for a 2 bedroom property in Southwark in January 2016 was 1,950. However, prices vary across the borough (see Map 5). Table 7 shows that SE1 has the most expensive rents in the borough for properties of all sizes, except those with 4 bedrooms plus. SE21 is most expensive for 4 bedroom plus properties. Table 7 shows that the cheapest lower quartile rents can be found in SE15 and SE22, whilst the cheapest average (median) rents are in SE5 (for 3 beds), SE15 (for 2 or 4 beds+), SE21 (for studios) and SE24 (for 1 beds). 19

20 Table 7 Advertised monthly private sector rents, January 2016, by property type/size and postcode. The Southwark average excludes SE11. (Please exercise caution when using small sample sizes. * indicates the sample is equal or less than 3) (Red is highest value, by property size, and blue is lowest value). In previous bulletins we have downloaded advertised rents from Findaproperty.com. In 2012 Zoopla merged with Findaproperty.com and Primelocation.com). Area/Postcode Size Lower Quartile Median Upper Quartile Mean Count Southwark Studio Southwark Southwark Southwark Southwark SE1 Studio SE SE SE SE SE5 Studio SE SE SE SE SE11 Studio * * * * 1 SE SE SE SE SE15 Studio SE SE SE SE SE16 Studio SE SE SE SE SE17 Studio SE SE SE SE SE21 Studio SE SE SE21 3 * * * * 3 20

21 SE SE22 Studio SE SE SE SE SE24 Studio SE SE SE SE Source: Table 8 The % change in lower quartile and average rents between July 2015 and January (Please exercise caution when using small sample sizes. Sample sizes of 3 or less have been omitted. Changes can be exaggerated by the condition of the property or location of the property.) Borough & Postcode Type & Size Lower Quartile % change Median % change Q1, 2015/16, Count Q3, 2015/16, Count Southwark Studio Southwark Southwark Southwark Southwark SE1 Studio SE SE SE SE SE5 Studio SE SE SE SE SE11 Studio * * 0 1 SE SE SE SE SE15 Studio SE SE SE SE SE16 Studio

22 SE SE SE SE SE17 Studio * * 3 8 SE SE SE SE SE21 Studio * * 1 5 SE SE SE21 3 * * 11 3 SE SE22 Studio * * 3 6 SE SE SE SE SE24 Studio * * 1 0 SE SE SE SE Source: Zoopla.com Note: * indicates data not available 22

23 Map 5 Two bedrooms lower quartile monthly rents in Southwark, January 2016 Source: Data collected and analysed from Zoopla.com The Valuation Office Agency (VOA) publishes their analysis of achieved rents, reported to them by letting agents and landlords, for each local authority in England. This data has been collected over the twelve months up to September 2015 but excludes lettings where the tenant needs to pay using Housing Benefit. Table 9a compares data for Southwark from our last Market Trends Bulletin (#49) (downloaded and analysed from Zoopla in October 2015) and the September 2015 VOA findings. Table 9b looks at average increases in rents in Southwark, using VOA data. There are several factors to consider when looking at the difference in findings. The first is the timing of the data collected (over twelve months, 23

24 compared to a snapshot). Another factor is that the VOA rents are achieved rents compared to advertised rents. Table 9a- Comparison of VOA Southwark data and data downloaded from Zoopla VOA Rents (median) (Oct 2014 to Sept 15) ( pm) MTB rents (median), Q2 2015/16, Oct 15 data ( pm) Room Studio 1,050 1,192 1 bedroom 1,300 1,647 2 bedrooms 1,600 1,993 3 bedrooms 1,950 2,400 4 bedrooms + 2,450 3,142 Table 9b- VOA Data, Southwark average rent increases (median) (for rents achieved in the 12 months between Sept 2014 and Sept 2015) Rooms Studios 1 bed 2 bed 3 bed 4 bed + Sep ,235 1,500 1,817 2,200 Sep ,050 1,300 1,600 1,950 2,450 % change The following tables (Tables 9c and 9d) show the increase in rents in Southwark, by property size, between 2011 and 2016 using advertised data, downloaded and analysed for the MTB. 24

25 Chart 9c- Average rent increase in Southwark , using advertised rents in Southwark (downloaded and analysed for the MTB, bulletin numbers in brackets) 3,500 3,000 2,500 2,000 1,500 1, Room Studio 1 bedroom 2 bedrooms 3 bedrooms 4 bedrooms + 0 Jan 11 (30) April 11 (31) July 11 (32) Oct 11 (33) Jan 12 (34) April 12 (35) July 12 (36) Oct 12 (37) Jan 13 (38) April 13 (39) July 13 (40) Oct 13 (41) Jan 14 (42) Apr 14 (43) July 14 (44) Oct 14 (45) Jan15 (46) Mar 15 (47) Jul 15 (48) Oct 15 (49) Jan 16 (50) Table 9d- 5 year % increase in advertised rents in Southwark 5 year % increase Jan-11 Jan-16 % increase Room n/a 693 n/a Studio 867 1, bedroom 1,213 1, bedroom 1,517 1, bedroom 1,820 2, bedroom+ 2,383 3, Southwark room rents (Spareroom.co.uk) Single rooms are a very important source of accommodation. This is because often they are the only affordable accommodation for single people, especially young single people. The Local Housing Allowance level (frozen for the year in April 2015) for single rooms in inner south east London is per week and for outer south east London it is per week. As we can see from the table below there is not much choice for people who need shared accommodation that can be covered solely by housing benefit. The inner SE London area covers Southwark, most of Lewisham and the western half of Greenwich. The outer London area covers Bexley, most of Bromley, the southern parts of Lewisham and the eastern half of Greenwich. 25

26 Table 10 - Weekly room rents in Southwark, January 2016 (Red is highest value and blue is lowest value) Area Lower Quartile Weekly Rent Upper Median Mean Quartile Count Southwark (excluding SE11) SE SE SE SE SE SE SE SE SE Source: Data collected and analysed from spareroom.co.uk and zoopla Table 11 shows that there was a decrease in properties being advertised and therefore included in the analysis in January This is likely to be a seasonal reoccurrence. The lower quartile, median, upper quartile and mean rents all rose. Table 11- The % change in room rents, number of rooms advertised, between July 2015 and January 2016 in Southwark Lower Quartile Weekly Rent Upper Median Quartile Mean Count Jul Jan % change

27 Map 6 Weekly lower quartile room rents in Southwark, January 2016 Source: Data collected and analysed from zoopla and spareroom.co.uk 27

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