Have the super prime areas of London finally peaked? The latest figures from Benham &\u00a0Reeves Residential Lettings show that rental returns in many of London\u2019s most desirable\u00a0postcodes fell in the last quarter of 2013. Kensington, Knightsbridge and Notting Hill all saw\u00a0drops of more than four per cent in rental values during this period while inner suburbs saw\u00a0dramatic growth.<\/p>\n
Part of northwest London also saw steep drops with St John\u2019s Wood and Regent\u2019s Park\u00a0seeing reporting the biggest drops while central areas such as Westminster, Mayfair and\u00a0Belgravia saw rental values flat line.<\/p>\n
Outside of central London, the outlook was far rosier. Wandsworth and Clapham in the\u00a0heart of nappy valley reported strong growth, as did other family friendly areas such as\u00a0Hampstead and Greenwich. All saw rental prices increase by at least four per cent with\u00a0Greenwich seeing an average increase of 16 per cent.<\/p>\n
Notably, the up and coming areas of east London only saw modest growth while the\u00a0Peckham area which has recently been tipped as a new family friendly area enjoyed strong\u00a0growth of 7.69 per cent.<\/p>\n
\u201cAlthough the data showed some mixed results, the overall picture is of a strengthening\u00a0British economy. Rental values are increasing in areas favoured by middle class families\u00a0while areas that previously attracted numbers of foreign tenants are not seeing the same\u00a0sort of demand. Sterling\u2019s value is increasing against most foreign currencies so tenants are\u00a0negotiating more keenly on rent,\u201d comments Marc von Grundherr, Lettings Director of\u00a0Benham & Reeves Residential Lettings.
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Have the super prime areas of London finally peaked? The latest figures from Benham &\u00a0Reeves Residential Lettings show that rental returns in many of London\u2019s most desirable\u00a0postcodes fell in the last quarter of 2013. Kensington, Knightsbridge and Notting Hill all saw\u00a0drops of more than four per cent in rental values during this period while inner … <\/p>\n