Residential rents in London continued to maintain their upward trend by registering an annual growth of 3.1 per cent in July 2019, according to the latest HomeLet Rental Index. The average rent in London now stands at £1,665 per month.
The demand for rental homes in London has been consistently growing. In July, the average rental values in London were 73.6 per cent higher than the UK (£959). Average rents in London were also higher than the rest of the UK at 109.7 per cent. When London is excluded, the average rent in the UK was £794 in July 2019. This establishes London as an important market for buy-to-let landlords and property investors.
Meanwhile, average rents across the UK rose by 2.3 per cent annually. The HomeLet Index noted that the rental growth recorded in July 2019 appears to be in line with inflation, recorded at 2 per cent in the Consumer Prices Index (CPI) in June 2019.
The latest data also shows that rents in the South West (4.5 per cent) are growing faster than any other region in the UK, whilst rental growth in London is speeding up. If you are a buy-to-let landlord planning to expand your rental portfolio in London, we can assist you with suitable options in the UK capital. For more, call our London Sale & Lettings office.
Rents in London increased by 3.1% in July 2019 than in the same month of 2018; the average rent in the capital now stands at £1,665 a month.