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Landlords see monthly collections soar by £1,000 in a year

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Landlords see monthly collections soar by £1,000 in a year

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

London rents 82% higher than rest of UK London rents 82% higher than rest of UK

Landlords in the City of London have seen the amount of rent they collect shoot up £1,059 per month in the last year.

Rents in the area have soared by 31.43% in the last 12 months, to an average of £3,369 per month.

The data, from property firm Move with Us' Greater London rental index, also revealed that the fastest rising incomes for landlords in the capital, after the City of London, are Westminster and Hammersmith & Fulham.

In Westminster, advertised rental prices have increased £433 (8.49%) since January 2013 to an average of £5,098 per month, while in Hammersmith & Fulham advertised prices have increased £212 (7.99%) in the same period to £2,655 per month.

At the other end of the spectrum, the average asking rent in the borough of Richmond fell by £76 (3.47%) to £2,184 per month. Rents in Camden also dropped to £3,469 per month when compared to January 2013, saving prospective tenants an average of £83 (2.4%) per month.

Robin King, director of Move with Us, said: “London truly is the land of opportunity. Landlords who invest wisely can earn good rental yields in the current market by making the most of strong demand from tenants and rising property prices.

“On the other side of the coin, tenants who conduct thorough research can still find good value for money when looking for a rental property in London. Moving slightly further afield to somewhere with good transport links into the city can prove to be a much more affordable way of living in London. Looking at property statistics, talking to local estate agents, searching online and scouring local papers can help find the best deals."

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