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With the London buy to let investment rental property market so strong, rents can vary hugely from one London Borough to another.
London lettings and sales agent, Benham and Reeves, has looked at how the most expensive rental properties in the capital vary by London borough.
They looked at stock listed on the major property portals, noting the most expensive rentals for each London borough to highlight how even the most expensive rental properties can differ massively in price, size and style across London’s diverse rental market.
The most expensive are, of course, found in the most prestigious London boroughs with a five-bed penthouse listed in Westminster at £260,000 per month the highest of the lot, closely followed by a seven-bed penthouse in Kensington and Chelsea at £173,333 a month.
Camden ranks third at £151,667 per month, but for that money, you do get an eight-bed detached house and a swimming pool.
Barnet is the last London borough where the most expensive rental property exceeds the £100k mark, with a four-bed converted chapel sat in seven acres, listed at £104,000 per month.
If you prefer a river view, the most expensive property in Lambeth offers all-round views of the Thames from all three bedrooms and is listed at £36,000 per month.
Or if space is more your thing then for £14,000 per month, you can secure an 11-bedroom detached home in Hounslow, or a seven-bed detached home in Greenwich, Kingston, Enfield or Bromley for between £16,000 and £32,000 per month.
Perhaps the best high-end rental bargain in a London borough is a semi-detached property in Sutton that boasts eight bedrooms and while it’s the most expensive rental property listed in the borough at the moment, it’s the cheapest across all London boroughs at just £3,000 per month.
Director of Benham and Reeves, Marc von Grundherr, commented: ‘When you think of renting in London you think of shoebox studio flats with barely enough room to swing a cat, but this simply isn’t the case. There are so many outstanding rental properties of all shapes and sizes and we are seeing more and more people from all walks of life, choose to rent rather than to buy.
‘Not only does it allow us to live where we may otherwise be unable to buy, but it provides a degree of freedom and flexibility that everyone from working professionals to families are starting to lean more towards.
‘As a result, we’re seeing a wider range of properties appear on the rental market to satisfy this demand and the London buy to let market continues to be a profitable business despite attempts to dampen the financial return via stamp duty increases and other changes to legislation.’