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The average price of renting a property in the UK increased in January, including a 0.03% rise in London, which is the first reported rise in two years.
According to the latest Landbay Rental Index, average rents in London currently stand at £1,876. Record high rents in the capital were reached in May 2016, and following this peak, rents have continued to fall slightly each month.
These findings from the Landbay Rental Index indicate that rents may continue to rise during 2018, placing added pressure on tenants, while some landlords are already under more pressure due to changes to tax and regulation. But a rise in rental yields may be on the cards for landlords across London.
Landbay's Chief Executive, John Goodall, said: "Landlords who turned their backs on London when rents started to dwindle may now want to reconsider...An uplift in rents has been on the cards for a while and is likely to continue into 2018."
Landlords have had to absorb higher costs in recent years, including with changes to stamp duty and finance relief, and the slow increase of interest rates.
The Index also found that rents climbed by an average 0.07% in January this year, a slightly higher climb than the average increase seen in the capital.
Though the face of Brexit looms and general uncertainties continue to play out, London has yet again shown its resilience, with average rents edging up at the start of the year.
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