These properties are the top choice for families who have been priced out of the sales market but still want to live in Prime Central London. Other reasons for their popularity include those who are refurbishing their own properties and renting while the work is completed.
Four bedroom houses also performed above average with an uplift in rents of 5.8%, while two bedroom flats and cottages had the smallest increase in rental values in the three months to March 2010 (1.9% and 1.7% respectively). Central West London recorded the highest increase in rental values this quarter at 5.6%, followed by Central North West which recorded an increase of 3.2%.
Amelia Greene, Partner for Residential Lettings said:
"Large family homes, which suffered most during the recession, are now back in favour in many areas, with the highest uplift in rental values of all property types. This is largely led by the demand for four and five plus bedroom houses in Central West and Central North West London, where buying a good sized property remains out of reach for many families. It is also being driven by those renovating their own properties and those who are waiting to buy until the impact of the general election is clear.
“Rental values have bounced back in the last quarter, and are now in positive territory annually – the first positive annual growth since Q2 2008. This growth has been evident across all London submarkets; however, rents remain below the peak experienced in Q1 2008.”
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