Central London rents to rise by 10%

The London Evening Standard is reporting further rent rises this year…

Tenants in central London should brace themselves for rent rises of up to 10% this year, property consultant Cluttons said today.

It is not as steep as last year’s record 19.1% jump in rental costs but it is still more than double the rate of inflation, heaping more pressure on stretched budgets.

The worst squeeze on rents is being felt in lower-budget properties of between £250 and £650 a week, which remain in short supply as tenants bid to cut their outgoings and look further afield.

Residential lettings partner Lynn Hilton said: “Tenants are really feeling the pinch and are being forced to widen their search areas to secondary locations and beyond.”

The pressure on existing tenants looking to renew contracts is less because they face smaller rises of around 4%, as landlords concerned about the economic outlook opt to retain quality tenants rather than take the risk of leaving their properties empty.

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Source: Evening Standard

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