London’s rents increased by 1.5 per cent on average last month compared with July, hitting new highs of £1,025 per month. That compares with prices of £713 across England and Wales, which went up 1.2 per cent over August.
Rent in the capital has increased by 6.6 per cent over the year to August – equivalent to a £63 per month hike.
Landlords can expect growing returns on properties, according to LSL Property Services’ director David Newnes.
“With house prices in the capital outperforming the rest of the UK, the average London landlord would have made a total annual return of nearly £15,000 in August,” he said.
Arrears increased in August, however, with 10.7 per cent of UK rent unpaid or paid late.