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Rents in the Greater London Borough are up 27% in a year

brent rents

Landlords in London are enjoying double-digit rent rises, including one borough where rents have risen by 27%, according to the latest research from Benham and Reeves.

His in-depth analysis of data from the Office for National Statistics reveals that rents in London rose by 11.2% between March 2023 and 2024, rising from £1,848 to £2,055. And in the UK as a whole, the average cost of renting rose by 9.1% to £1,246 in March 2024.

TWO DIGITS

The capital saw rents rise by 11.2% year-on-year, with Scotland the only other area of ​​the UK to see double-digit rent growth over the past year, at 10.5%.

Brent (pictured) enjoyed the biggest rise in rents in the UK, with the London borough seeing the cost of renting rise by 27% in a single year, taking rents to £1,940 a month, up from £1,527 sterling in 2023.

In Scotland, the government banned rent increases between September 2022 and April 2023, after which rent increases were capped at 3% in most cases until the end of March 2024, when the cap expired.

Marc von Grundherr, director of Benham and Reeves, says: “London’s appeal is as strong as ever and it shows on the ground as properties are let within hours of being listed.”

THE STRONGER RENTS
Marc von Grundherr, Benham and Reeves
Marc von Grundherr, Director, Benham and Reeves

He adds: “Demand is particularly strong in Brent, Greenwich and Islington, where rental properties are commanding considerably higher rents than just a year ago, which will bring some positive news for landlords despite the challenges of making against higher mortgage rates and energy. costs.”

And he says: “Recently we are seeing huge rent increases, some of up to 45%, but this big rent increase is not just limited to the capital. There were strong increases in every region, but particularly in Scotland.

“So while some landlords may have chosen to leave the sector, high tenant demand for rental properties has only served to make rental properties more profitable for those who have moved out.”

Chart showing current monthly rents and annual change data from Office for National Statistics - Price Index of Private Rents, UK: monthly price statistics.
Current monthly rents and annual change data.
Source: National Statistics Office


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