Kilburn offers the most choice for renters

Knight Frank's latest Multihousing Report reveals that one in four households will be privately renting by 2021, with investment in the PRS rising to £70 billion in the next five years (Image: fazon1)

New figures from Rightmove have revealed that Kilburn offers Londoners the greatest choice of rental property in the capital. The borough has the greatest supply of rental property in London as a proportion of total housing. There are currently 719 rental properties on the market as listed on Rightmove.co.uk.

The average asking rent per month for a two bed flat in Kilburn is £1,920, compared to an average across London of £1,934 in the second quarter of this year. This figure is down from £1,937 in the first quarter and down 3.2 per cent from the £2,020 peak asked this time last year.

The number of available rental properties in the capital is up 8 per cent in Q2, although the number of new listings has dropped by 5 per cent. However it is taking 15 per cent longer to let them out in comparison to last year as buyers are more cautious about moving in the wake of Brexit and economic uncertainty pitched to last for the next two years at least. The drop in new listings could also be a result of the last minute buy to let boom in advance of the 3 per cent stamp duty levy introduced last year.

A glut of rental properties has pushed rents in London down in the last few months as far as 8 per cent in Camden in June with rents across the capital falling 2.6 per cent in June according to insurance provider HomeLet.

Outside the capital, asking rents rose 2.8 per cent in Q2 as has been the case for the past five years, with rents rising 0.5 per cent in June.

Rightmove’s head of lettings Sam Mitchell commented: “Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn’t happening yet.”

Rightmove’s figures make for good news for tenants who are looking to rent in north London. More choice of rental property and lower asking rents on new tenancies will mean more room for negotiation. However, landlords will have to price competitively to ensure good returns on their buy to let investments.

“Agents and landlords should make sure that they are ahead of the curve in pricing to make sure that they react quickly in a very competitive market,” said Mr Mitchell.