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London rents rise 7.6%

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Landlords in London receive an average rent of £1536 per month for new tenancies. 

london rents riseThe figure for three months to March is 7.64% higher than the first quarter of 2015 when new tenancies in London netted landlords an average of £1427 per month.

However, the annual growth in average rental values in Greater London was lower than the 8.9% rise in 2015.

The only areas of London where rents fell in the 12 months to March 2016 are Hammersmith & Fulham and Kensington & Chelsea.

Insurance provider HomeLet’s latest index shows new tenancy agreements are worth an average of £1768 in Hammersmith & Fulham, down 0.1% on 2015, and £2790 in Kensington & Chelsea, down 6.2% on 2015.

The areas of London were rents rose highest are Barking & Dagenham (10.4%), Westminster (10.3%) and Ealing (10.2%).

The latest index shows that rents on new tenancies outside London rose 4.9% to £755 over the three months to March when compared with 12 months earlier.

Average rents in London are now 103% higher than the rest of the UK. This is slightly up on 2015 when they were 98.2% higher.

Outside London, the highest levels of annual increase have been seen in Scotland (7.3%), the East Midlands (6.8%) and south-east England (6.4%).

North-west England, on the other hand, has seen a continued reduction in rental values of -3.5% over the past nine months.

The lowest amount of rent for new tenancies is paid in north-east England, where landlords receive an average of £531 per month.

For more information on rents received by landlords, click on the link below

City AM

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

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