You are here: Home - Mortgages - Buy To Let - News -

Prime central London rents ride out Brexit storm

0
Written by: Paloma Kubiak
03/08/2016
The prime central London rental market has weathered the Brexit storm as prices increased between May and July, data shows.

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.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
HSBC pledges to maintain dividend as profits fall 29%

HSBC has reported a 29% fall in profits for the first half of 2016 despite efforts by the banking giant...

Close