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London Residential Rents Rocket

LONDON-Prime residential rental values have jumped by nearly 10% in the last year according to new research from agency Knight Frank.

By Steve Killick | Updated on May 20, 2001

LONDON-Prime residential rental values have jumped by nearly 10% in the last year according to new research from agency Knight Frank. The continued growth in rental levels reflects the increase in demand for rented property, especially at a time when world stock markets are fluctuating and many global companies are issuing profit warnings, prompting job losses in the City.

Knight Frank research manager David Moulton says: ‘The last six months have been characterised by a wait and see approach towards house buying. Renting has been increasingly viewed as the preferred tenure choice of the consumer.’ Rents increased by 9.7% in Greater London and 5.8% in the country market in the 12 months to March 2001 with the supply of prime London property dropping by 20% over the same period.

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