Prime central London rents ride out Brexit storm
Figures from Portico estate agents show rental prices for two bedroom properties in Kensington and Chelsea have increased by 0.4% post Brexit (May to July) while rentals in Westminster have risen 1.7%.
According to the firm’s July rental market update, the two prime central London boroughs reported the highest average rental prices per month out of all the London boroughs.
The average rental price for a two bedroom property in Kensington & Chelsea nearly topped the £4,000 mark at £3,989.
The agent’s data suggested the London rental market as a whole has remained fairly stable post-Brexit, with rental prices experiencing a slight 1.7% decrease from May to July.
The best performing boroughs were Camden (3.3% increase from May to July), Tower Hamlets (1.2%), and outer London boroughs Newham (2.6%), Haringey (2.2%), Hillingdon (1.3%), Sutton (1.1%) and Waltham Forest (0.6%).
Robert Nichols, managing director of Portico, said: “Caution in the sales market has pushed demand into the prime rental market, and as such we have seen rental prices rise over the past few months. We expect the market to remain stable throughout the summer months, but whether rental prices will continue to rise will depend on the economic consequences of Brexit.
“Outside prime central London, the rental market has remained stable, with tenants still keen to snap up properties in hotspot areas created by infrastructure projects like Crossrail and Crossrail 2, such as Tower Hamlets, Newham, Haringey, Hillingdon and Waltham Forest.”