19 Oct

Rates for luxury houses to rent in London on the rise

Rates for luxury houses to rent in London on the rise

Luxury apartments and houses to rent in London have continued to increase in rental value in recent months, according to new figures.

Estate agency Knight Frank has published its London Lettings Index for the third quarter of 2010, showing that rental prices for high-end property in the capital have risen by 16 per cent since hitting a low point in June 2009.

According to the organisation, this means that rents have now been in the ascendancy for 15 months in a row.

Positive market trends highlighted by Liam Bailey, head of residential research at Knight Frank, include the fact that changes in rent values in London have been modest compared to capital values in the last decade, showing the "sustainability of the market".

In addition, the volume of available properties has fallen by 36 per cent compared to September 2008, when the sector was hit by a "huge oversupply of properties" that forced down rents.

Earlier this month, statistics from LSL Property Services showed that average UK rent prices rose by 3.1 per cent year-on-year in September 2010.ADNFCR-1222-ID-800124398-ADNFCR

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