Average rents in Chelsea hit £44k a year according to Hamptons International
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Asking prices in London's most expensive rental postcode, SW3 (Brompton, Chelsea) have increased to an average of £44,634 this year according to new research from Hamptons International.  Asking prices for the postcode in quarter three this year were 11 per cent higher when compared with quarter four 2011 (£40,182) representing a significant increase year on year.

Using figures from the Zoopla Property Group (ZPG) from more than 8,870 listings in quarter three this year, Hamptons International has revealed the Capital's most and least expensive rental postcodes, based on asking prices throughout the year.

 The figures show that renting a two bedroom property in Mayfair is on average £8,351 cheaper per year than renting the equivalent in Chelsea and that three of the most expensive rental postcodes in the Capital are in Prime postcodes in South West London.

 

London's Most Expensive Rental Postcodes

Rank

Postcode

Area

Rent per Annum*

1

Sw3

Brompton, Chelsea

£44,634

2

SW1

Belgravia, Pimlico, Westminster

£40,103

3

SW7

South Kensington

£39,082

4

W1

Marylebone, Mayfair, Soho

£36,283

5

W8

Kensington

£32,582

6

NW8

St John's Wood

£31,698

7

W11

Holland Park, Notting Hill

£30,387

8

EC4

Fleet Street, St Paul's

£29,859

9

W2

Bayswater, Paddington

£29,210

10

SW10

West Brompton, World's End

£28,592

 

Meanwhile, the cheapest annual rent can be found in Erith (£6,129 per year) South East London and Harrow postcodes feature three times in the 10 least expensive areas with an average annual rent of £8,786 per year.

 

10 Least Expensive Q3 2012

Rank

Postcode

Area

Rent per annum

1

DA8

Erith

£6,129

2

HA1

Harrow

£7,495

3

HA2

Harrow

£9,110

4

HA0

Wembley

£9,204

5

UB10

Uxbridge

£9,324

6

N16

Stamford Hill, Stoke Newington

£9,595

7

HA3

Harrow

£9,754

8

DA11

Gravesend

£10,978

9

N11

Friern Barnet, New Southgate

£10,999

10

AL1

St Albans

£11,380

 
Lesley Cairns, Head of Lettings at Hamptons International,commented on the results:"Landlords in prime residential areas such as Knightsbridge, Belgravia and South Kensington (SW1 and SW7), which have traditionally commanded the highest rental returns, have had to soften asking prices due to an easing of demand particularly for family homes at the top end. Tenants are no longer willing to pay the rents that were so common at the height of 2011.

Meanwhile, Chelsea is an area which has continued to attract a range of global tenants, particularly Europeans, due to traditional style properties, proximity to the Kings Road and private garden squares. Renting is tantamount to European living and therefore we're seeing longer tenancies of around 18 to 24 months and high competition for quality stock.

Although stock levels remain high, demand for one and two bedroom flats across the Capital is still significant and impressive yields of around four and five per cent ensure that Landlords are experiencing healthy returns on investment."

The Hamptons International quarterly research series of asking prices for London homes is based on current house listings on the PrimeLocation website. The volume of listings varies; Q3 2012 analysis is based on more than 8,870 individual records. All data is cleansed to remove duplicate and old listings, as well as any erroneous information, in line with the standard Zoopla Property Group methodology.
** Figures are based on price per square foot and rent per annum is based on an average 650 sq ft, two bedroom flat.
 
For media enquiries please contact:
Henrietta Harwood Smith, PR Manager, Hamptons International
020 7758 8405/ 07866 529 159/ harwoodsmithh@hamptons-int.com

 

 

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