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Central London rents increased 16% in 2010

Tuesday, 11 January 2011 11:20 AM

Rents charged by residential property owners in Central London increased by 16 per cent last year, according to new figures from Knight Frank.

In its latest London Lettings Index, the agency revealed that rental prices on homes in the capital rose by 2.2 per cent in the final quarter of 2010.

Typical amounts have increased by 19 per cent since reaching a low point in 2009 and rents are now just five per cent below their March 2008 peak.

Liam Bailey, Knight Frank's head of residential research, commented: "The main narrative in the London rental market for the last 18 months has been thin supply meeting strong demand and this was how the year ended.

"The volume of available rental properties across the year was 20 per cent lower than in 2009 and - even more strikingly - down by 36 per cent compared to 2008," he added.

Rents in the £1,500-a-week segment saw increases of 21 per cent during 2010 as a whole, while charges for cheaper properties rose by around 12 per cent.

The strongest Central London areas were Knightsbridge and Mayfair – each boasting annual rental growth last year of more than 20 per cent.

This news came as London estate agency Ludlow Thompson revealed that 41 per cent of landlords plan to increase rent by a further four to eight per cent over the coming year.
 

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