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Prime central London has seen rental values increase over the past three months as a result of greater demand from people looking to rent, a new report has revealed.
Greater numbers of people are looking to rent rather than buy property in the capital city, particularly in the boroughs of Kensington & Chelsea and Westminster.
These areas are considered prime central London by estate agents in the city and reports indicate that rental prices have increased by 1.7% since May.
Kensington & Chelsea and Westminster have experienced the highest average rental prices per month out of all boroughs in the capital.
The average rental price for a two bedroom property in Kensington & Chelsea is £3,989.
“With increases in rental price taking place, landlords need to be more careful when considering if new tenants will be able to make rent payments on time and in full. Tenant referencing provides a thorough way of checking your tenant’s background and history when it comes to renting,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
The rental market has been relatively stable following the Brexit vote, with the best performing borough being Camden, followed by Tower Hamlets, Newham and Haringey, the report by Portico has revealed.
Here are the latest figures for rental prices in July for London boroughs:
|Borough||May Average Rental Price||July Average Rental Price||% change|
|Barking and Dagenham||£1,291||£1,278||-1.0%|
|Hammersmith and Fulham||£2,181||£2,116||-3.0%|
|Kensington and Chelsea||£3,972||£3,989||0.4%|
|Kingston upon Thames||£1,538||£1,490||-3.1%|
|Richmond upon Thames||£1,821||£1,829||0.5%|
|Average price change:||-1.7%|
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