Central London rents up 9% in a year
26th Jul 2010
Properties to rent in London have been experiencing positive returns over the last year, according to new figures, which show rents have increased by 2.6 per cent over the last three months.
The Knight Frank London Lettings Index for the second quarter revealed that rents in London's prime residential market have gone up by 9.2 per cent in the 12 months to the end of June 2010.
However, despite the recent improvement in the market, UK estate agents may be concerned to hear that rents are still 12.4 per cent lower than the recent market peak in March 2008.
While the number of tenants has gone up by five per cent over the past year, the supply of new rental stock has declined by 25 per cent, the company revealed.
The real estate operator also stated that 94 per cent of current tenancies in its Chelsea and Fulham offices have been renewed in June, compared to 68 per cent last year.
Some 50,480 new tenants registered for rental accommodation in the second quarter of the year, according to Countrywide.
© Zoopla Property Group Limited