High demand pushes up Londoners’ rents
RENTS in London and the south east shot up faster than in all other UK regions in the three months to April, a study revealed today.
And rents in the capital are expected to increase more than in any other region in the coming months, according to the Royal Institution of Chartered Surveyors (RICS).
Fifty-nine per cent more surveyors in London expect rents to rise
than those expecting rents to drop. Across the UK, 33 per cent more surveyors expect rents to rise rather than fall.
“However, it is significant that rents improved across all regions in the three months to April,” RICS added.
Rents in London are expected to jump by eight to 10 per cent this year, said property consultants Cluttons.
A positive balance of 42 per cent of respondents across the UK said that rental prices have increased, up from 40 per cent the previous month.
“Many potential homeowners are still restricted from getting a foot on the property ladder,” RICS explained.
Over a third (35 per cent) of surveyors reported seeing a rise in demand in the three months to April.
However, rental prices may get some relief soon from higher supply, as new instructions increased for the first time in two years.