London rents rise 7.6%

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

The 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