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After a year of decline, the news of rising London rental prices for a fifth month in a row is welcomed by landlords. This provides an encouraging outlook for investments that many have considered selling.
The 3 months leading up to October saw a 4.2% increase in central London rental value, this is the highest figure since March of 2011. The biggest gains were seen in areas heaving with returning office workers and students, with the top 3 of the list starting with King’s Cross at 7.4% increase, Islington with 7.1% and Canary Wharf 7%.
With more of life going back to normal we are seeing the continuous return of workers to offices and Universities opening their doors to students both local and international, resulting in a huge growth for London. This has pushed the monthly rental price annual variance to increase by 9.7% to £1,759 PCM.
Competition will become more fierce with groups like Winkworth stating that 75% of their revenue is now driven from their Lettings arm. Property stock availability for rent and the return of ‘Londoners’ will continue to drive the prices up in the central regions.
Written by Toby Dawson
