Residential rental continues to increase in London, even as Brexit deal is around the corner. The 3.7 per cent growth in residential rents in January 2019 demonstrates the stability in the London rental market, as demand momentum remains strong.
According to the latest HomeLet Rental Index, the average rent in the UK capital now stands at £1,588 month, 3.7 per cent when compared to the corresponding period in 2018. In fact, average rental values in London are more than double that of the UK. In January, average rental values in London (£1,588) were 70.4 per cent higher than the UK (£932).
London continues to drive the residential rental market across the UK. When London is excluded, the average rent in the UK was £775 in January. Average rents in London were 104.9 per cent higher than the rest of the UK.
Within London, five boroughs registered annual variance in average rent by 8% or more. Westminster saw the highest increase at 9.7 per cent, followed by Haringey and Islington at 9.5 per cent. Chelsea, Fulham, Hammersmith and Kensington saw 8.5 per cent while Wandsworth, Hackney and Newham saw 8.2 per cent increase. Other boroughs, which registered more than 5% annual variance are Enfield – 7.2 per cent, Kensington Upon Thames, Merton and Sutton – 6.7 per cent, Bromley – 5.7 per cent, Barnet – 5.2 per cent,
Westminster commanded the highest average rent at £2,356; followed by Lambeth at £2,043, Chelsea, Fulham, Hammersmith and Kensington at £1,993, Camden and City of London at £1,834 and Wandsworth at £1,722.
It may be interesting to note that Wandsworth with an average rent of £1,722 is showing consistent growth in rental values month-on-month. It is one of the most-preferred London neighbourhoods because of the social network, vibrant communities and improved infrastructure.
Many areas of London have gone through a period of regeneration. But none has done this as well as Wandsworth. With huge investment and newly improved planning, the whole area is being revitalised – from the creation new residential and commercial spaces, expansion of existing schools, improvement of public amenities and infrastructure and to the redevelopment of the listed Ram Brewery, Wandsworth is emerging as an ideal destination for property investments.
Completing the regeneration jigsaw in Wandsworth is Bronze, a boutique collection of 77 apartments on Buckhold Road. Located adjacent to the St. George’s Park, Bronze can be an ideal investment option for rental income. HomeLet data clearly shows that rental values are increasing in Wandsworth. For more information on Bronze and rental value growth in Wandsworth, call 020 3811 0000.