Rents have flat-lined across most of the capital according to Benham & Reeves Residential Lettings, which says it is advising its clients not to request rent rises if the tenant has a good track record.
According to the London-wide letting agency, most tenants are readily agreeing renewals. It says this is particularly noteworthy for the past quarter when transactions are normally at their highest just prior to the start of the school year.
Only a few small pockets saw significant change in the three months to the start of October.
Notably, rental prices in prime central London have fallen for the second quarter in a row.
BRRL’s lettings director, Marc von Grundherr, says an over-supply of rental properties in Belgravia, Chelsea and Knightsbridge continues to have a negative effect on rental values in the area. The agency says it has identified a number of apartments in these areas that are actually less expensive than equivalent properties in what might be considered emerging rental locations.
“Prime central London arguably has the best value properties in the capital at the moment,” says von Grundherr, “And transformed pockets of North West London such as Colindale continue to offer excellent returns for investors who got in there early.”