Research covering January to July indicates that London landlords experienced a rise in rents while house prices declined. Across the capital, average private rents saw a monthly increase of 0.47%, contrasting with a 0.10% monthly drop in house prices.
Estate agents Benham and Reeves compared average monthly growth rates, finding that rents outpaced property prices in 26 of London’s 32 boroughs. In three boroughs, rents outperformed property prices by falling more slowly.
Westminster recorded the largest average monthly house price decline at 1.27%, while rents there fell by 0.01%. Rents also dipped in Kensington and Chelsea and Lambeth, though both saw larger reductions in property prices.
Camden led the 23 boroughs where rising rents outpaced house price growth, with an average monthly rent increase of 1.16%, despite property prices falling by 0.13%. Only six boroughs, including Barking and Dagenham, Kingston upon Thames, and Barnet, saw house prices outperform rents.