The ‘vibrant’ London borough where rents are falling the fastest
From dodgy rental ads to nightmarish flatmate stories, it’s no secret that renting in London is a wild ride.
But if your tenancy agreement is up this month and you need to find somewhere ever so slightly cheaper to live, a new study has revealed the ‘vibrant’ London borough where rents are falling the fastest.
Fancy yourself a slice of the action? Last month, rent prices in Wandsworth experienced the biggest decrease of all the capital’s boroughs.
Experiencing a 5.9% drop in prices across June, the figures also coincided with a dip in demand (ideally meaning less competition).
According to figures from Zoopla, queries in Wandsworth specifically were 17% lower over the last 28 days to July 7 compared to the five-year average for this time of year.
Meanwhile, Rightmove experienced a 10% drop in demand across the borough in June – numbers which are measured by tenants getting in touch with letting agents via the website available rental homes in the area.
However, that’s not to say that renting in London is getting much easier.
To put things into perspective, the average rent in the Big Smoke is now £2,121 per month, having skyrocketed by 4.2% in the last year alone, according to the HomeLet Rental Index.
Elsewhere, Hammersmith, Fulham, Kensington and Chelsea came in second place with a 4.3% decrease, while rates in Westminster plummeted by 3.9%. Comparatively, Tower Hamlets dropped by 3.1% and Bexley and Greenwich and Lambeth by a modest 2.7%.
But even if Wandsworth is the best of a bad bunch, it still has a lot to offer.
Things to do in Wandsworth
From quirky food markets to a vibrant clubbing scene, there’s plenty to explore down this neck of the woods. It was even named the London Borough of Culture for 2025 by Mayor of London Sadiq Khan earlier this year – so watch this space.
Tooting Market is worthy of a visit alone – being one of South London’s first indoor markets, opening in 1930.
For those who like to party, Exhibit in Balham and Tram and Social in Tooting are two standout clubs, offering karaoke, bottomless brunches, comedy nights and more.
And renters who prefer the great outdoors can enjoy the area’s green spaces like Wandsworth Park, Battersea Park and the River Wandle. Alternatively, why not take a dip in the famous Tooting Bec Lido?
Elsewhere on the cultural scene, there’s the Royal Academy of Dance offering a range of classes, while Battersea Arts Centre has a vibrant programme of events, covering music, theatre, dance and acrobatics.
Backyard Cinema is another great option for a day out, as well as Theatre 503 – which is located on top of the Latchmere pub.
Wandsworth is an incredibly family-friendly neighbourhood, with the likes of Battersea Children’s Zoo – offering hours of entertainment for kids and adults alike – and The Pottery Café, which is the ideal activity for creative little ones.
On the financial side of things, it also benefits from the lowest council tax rates in the whole country.
So, if you’re looking for somewhere new in the coming months that might pinch your wallet ever so slightly less, Wandsworth could be your bag.
The London boroughs with the largest rent decreases in June 2024, according to the HomeLet Rental Index
Wandsworth (-5.9%)
Hammersmith, Fulham, Kensington and Chelsea (-4.3%)
Westminster (-3.9%)
Tower Hamlets (-3.1%)
Bexley and Greenwich, Lambeth (-2.7%)
Hackney and Newham (-2.1%)
Lewisham and Southwark (-2%)
Haringey and Islington (-1.8%)
Hounslow and Richmond upon Thames (-1.1%).