FindaProperty.com: Rental Index March 2009
The new FindaProperty.com Rental Index for March 2009 is now available!
A quick summary of what the report says about the London lettings market:
- The average asking rent in London fell by -1.1% in March 2009 to £1,650 pcm compared with £1,669 pcm in February 2009. Average asking rents are also down by -6.9% over the year.
- Boroughs that are traditionally popular with City workers continue to suffer significant falls in asking rents with the City of London, Tower Hamlets (incorporating Canary Wharf) and Kensington & Chelsea being particularly hard hit on a year-on-year basis.
- Largest monthly fall in rents was seen in Hammersmith & Fulham, where asking rents fell by -3.7% in March 2009 to £2,190 pcm.
- The only London borough to see rental growth on both a month-on-month and year-on-year basis was Haringey, which saw rental prices rise by 1.4% in March 2009 and by 1.9% on the same month last year.
London boroughs overview – click on the table to enlarge the image.
Rental yields:
- Prime central areas such as Kensington & Chelsea, Westminster and the City of London as well as affluent west London boroughs such as Wandsworth and Richmond-upon-Thames, are seeing prices holding better and as a result rental yields are typically below 4.5%. In the case of Kensington & Chelsea the rental yield is as low as 3.97%.
- The highest available rental yields are currently achievable in Newham (6.90%), Barking and Dagenham (6.06%) Greenwich (5.99%) Waltham Forest (5.69%) and Hackney (5.63%).
- Many of the areas that are offering the most attractive rental yields are also undergoing regeneration, making them particularly attractive to investors who can benefit from strong short-term income and the potential for long-term capital growth.
Download the latest FindaProperty.com Rental Index.
