Taylor Scott International News
Rental values in London have risen by 4.67% since June 2015, with the average rental price for a property in the capital standing at £1,467 compared to £1,402 in the summer, the latest figures show. Greenwich saw the largest increase taking the average rent to £1,397 per month, according to the Rentify Property Index. The firm said that this could be due to the time of year when students are starting back at university. Other areas that experienced considerable rental uplifts include Brent, with average rents in the North West London borough growing by £201 to almost £1,500 per month. Next was Newham with an increase of £197 taking the average rent to £1,378 per calendar month, then Lewisham with an increase of £194 taking the average rent to £1,305 and Lambeth with an increase of £182 to an average rent of £1,617. Areas that saw a fall in rent included Wandsworth where the average rent fell by £33, and Kingston-upon-Thames, with the average rent in the area falling by almost £90 to £1,237. Homes in the City of London have also experienced what the firm described as an unprecedented dip in price, with the average monthly rent dropping £185 to £2,149. Although this can’t be considered a long term decline, the figures do highlight seasonality in the market, according to the report, which adds that the dip in costs could be in part attributed to the school calendar, with families moving to ensure they secure the best postcode possible for their child’s education during the summer months. The data also showed how strong rental demand is across the capital. Bexley proved to be the most popular area for property hunters with an average of 10 people viewing each home in the borough each day, whilst other outer London boroughs such as Enfield and Haringey, both seeing an average of 9.6 viewers per day, also generating huge interest. ‘High cost of rent in central London is continuing to drive people away to outer boroughs in search of affordable housing. This however means that these so called cheaper locations are seeing a remarkable rise in rent due to their popularity. They are hot on the heels with central London due to strong demand,’ said Rentify chief executive officer George Spencer. ‘Furthermore, the recent buy to let tax hike introduced by the Chancellor will further constrain supply as less people invest in property to rent, making life increasingly hard for Londoners,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
