September 3, 2011
London rents rise to a Kings ransom
London based chartered surveyors and property consultants, Cluttons LLP forecast that average rents in central are on course to reach as much as £1,052 a week by December. This equates to an annual increase of £780 for tenants. Cluttons suggest that by December, renters in the city are likely to pay as much as 30% more than they were at Christmas 2009 when a weeks rent was £809.
Tenants renting cheaper properties are looking at an increase of as much as 20% when renewing their tenancy agreements.
Knight Frank also reported that rents have risen in the capitols more exclusive suburbs and neighbourhoods 6.6% this year so far and now stand at a record high.
The demand seems to be for lower budget properties which has lead to a shortage of properties in the £250 to £700 per week price bracket.
Knight Frank also identified that 60% of renters are international clients who are working for banks, financial organisations who are expanding into the UK.
Great news for London Landlords - I'm sure this will follow countrywide - property investment isn't dead after all 
