8 Apr

Buy-to-let properties in London 'getting good income'

Buy-to-let properties in London 'getting good income'

People who have property to rent in London are enjoying good rental incomes at present, new figures suggest.

According to research commissioned by findaproperty.com, there are only two boroughs in the capital where the average asking price for rent is less than £1,000 a month, the London Evening Standard reports.

In addition, the typical annual cost of renting a house or flat in the city has broken the £20,000 barrier for the first time, the firm noted.

The study also revealed that the most expensive places to rent a home in London are Kensington and Chelsea, where average monthly payments come to £3,482.

According to Nigel Lewis, a spokesman for findaproperty.com, the increase has been led by a decline in first-time buyer purchases.

He added: "Demand for rental property is strong and that is pushing prices up."

Recently, the Association of Residential Letting Agents said the UK needs more buy-to-let properties to come on to the market.

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