Rent for private properties located in the south of London have risen the fastest out of all capital boroughs in the last three months, according to a new report.
Landlord insurance customers in the South London area will no doubt be enjoying this announcement. Most of the recent positive property news has focused on Central London’s house-price growth or the regeneration of East London.
Residential lettings research from Benham & Reeves revealed that rents in Greenwich have risen by 11 per cent this year while other South London areas Bermondsey and Southwark have increased by nine per cent. The figures are indicative of the third quarter of 2013.
More landlords may now look to acquire property in this part of London as a result of the rising rent prices. Private properties in South London could see such increases lasting until the end of 2013.
Areas such as Shoreditch in the east have shown no growth where as Victoria Park, Bow and Canary Wharf have enjoyed moderate rental increases. North London properties such as Muswell Hill have also shown no sign of increase this year.
Landlords looking for buy to let properties in central London could look to Bayswater and King’s Cross area, which have seen a formidable 6.2 per cent and 8.2 per cent rental increase this year. These trendy, upcoming parts of the capital may be ones to watch for next year if the property market continues to recover in this fashion.
Speaking about South London’s recent surge in rents, Marc von Grundherr, director of Benham & Reeves residential lettings said: “Greenwich’s growth isn’t a huge surprise to us. It is a beautiful part of London with great transport links to the City and Canary Wharf.”
“Until recently, it has mainly been viewed as a part of London that is great for families but with a number of new developments being built around the Greenwich Peninsula area, younger people are now flocking to the area,” Mr von Grundherr continued.