If you are keen on investing in a buy-to-let (BTL) residence in London – then you should consider the following 7 boroughs – as the rentals are among the highest: Kensington & Chelsea, Westminster, Camden, City of London, Hammersmith & Fulham, Islington and Tower Hamlets.
The average monthly rental in Kensington & Chelsea is £3,042 while in Westminster, it is £2,891. The third highest rental is £2,219 in Camden. So, buying a BTL residential property in these seven boroughs is not only a wise decision, but could also fetch a good rental income. The ROI from these properties are much quicker than the residential assets in rest of London (average rent in London is £1,874).
Tenants occupying properties in London are now spending an average of £1,445 on rent for 1-bedroom properties, £1,917 for 2-bedroom properties and £2,683 for 3-bedroom properties, according to the latest Rental Index Report (August) by Landbay.
At average rents of £1,004, £1,125 and £1,056 per month, the outer boroughs of Bexley, Havering and Sutton, respectively, are the cheapest places to live in the city. However, despite a yearly drop in growth, monthly rental prices are slowly on the up, increasing by an average of 0.09% since this time last month.
Since July 2016, average rents in the UK have risen by 0.67% to £1,194.