Benham & Reeves Residential Lettings has collated the rental figures for 2015 and says that it has seen rental values climb to record highs across almost every borough. 

Thanks to the changes in stamp duty, fluid job markets and the way many overseas professionals are taxed in the UK, renting has become a much more attractive option, the firm says, adding that with demand continuing to rise and the anticipated exit of amateur landlords from the market, rental values in 2016 are likely to continue on this upward trajectory. Virtually every borough in zones 1 and 2 saw rental values increase by more than 4% year on year. In fact, only Richmond-upon-Thames and a small area around Edgware Road in central London saw rents fall. Rental values became slightly more modest the further away from the city centre with even outlying boroughs such as Barnet and Ilford seeing significant growth. Hackney was the clear winner with a staggering 33% increase in rental values over the past year although Bow, Bethnal Green and Haringey all experienced double digit growth, as well.

“George Osborne has done more for the rental market than any other chancellor in history,” commented Marc von Grundherr, lettings director at Benham & Reeves, adding, “thanks to the changes in stamp duty rates, he has made renting long term a more attractive option for many tenants.”