New analysis by Direct Line for Business reveals that average rents for private properties increased faster in Westminster than anywhere else in England in 2014, rising by 28.4%.  The average rental increase in Westminster outstripped such affluent areas as Sevenoaks (where rents increased 10.5%), Richmond upon Thames (up 8.7%) and Guildford (down 5.6%). 

Across England last year, average private rents increased in 87% of counties. Double-digit private rent increases were recorded in 11% of areas in 2014. However, there were dramatic falls in average private rents across a number of regions. In the Three Rivers area, rents fell by almost a fifth (19%) during 2014, while in Chiltern they fell 11.3%.

Analysis reveals private properties in one of London’s most desirable boroughs, Kensington and Chelsea, cost 679% (£37,560/year) more to rent annually than properties in Kingston upon Hull, where the average annual rent last year was just £4,824/year, or £402 per month.

Jane Guaschi, business manager at Direct Line for Business commented: “The research highlights that rental incomes are anything but static or predictable across England. Too often people forget the risks landlords take when renting out a property. The income they can generate is not guaranteed to stay the same each year, let alone rise.”