Even as buyers continue to acquire residential properties in London, the Inner London areas recorded highest median monthly rent in the last one year, according to private rental market statistics released by the Valuation Office Agency, UK.
Kensington and Chelsea saw median monthly rent rise to £2,492 between October 2015 and September 2016. This was the highest median rent for any district or borough in England. The lowest median rent in Inner London was in Lewisham (£1,250). It means that if you pick a buy-to-let residential property in the Inner London areas, you are bound to benefit from the long-term perspective, as rents continue to grow in the wake of the housing crisis.
The median monthly rent was £1,473 with an interquartile (difference between lower quartile and upper quartile, representing the middle 50 per cent of monthly rent values) range of £1,170 to £1,950 for London. In Outer London, the median rent was £1,300. The highest median rent was in Richmond upon Thames (£1,595) and the lowest were in Bexley (£1,000) and Havering (£1,000).
The statistics released by the Valuation Office Agency clearly indicate that for now the return on investment from the rental properties is the highest from Inner London. If you are interested in buying a residential property in Inner London, call Strawberry Star office to fix an appointment for a better understanding of the market.
The data used to generate these statistics are based on a sample of rental information, collected by Rent Officers from landlords and letting agents. The composition of this sample changes over time therefore any differences in median rent may be due to differences in the sample rather than true