London’s prime rental rates have sharply risen above 2008 levels – up by 22.9 percent in six years, according to new data.
New York has also soared – with rates increasing to 15.4 percent, demonstrating that prime rents are continuing to outpace wage inflation in the world’s top cities.
Prime property currently corresponds to the top five percent of the mainstream housing market in each city. In London, rents started their recovery at the beginning of the year and recorded a monthly growth of 0.9 percent in June, a three-year record.
This is good news for those with property to rent in other popular London boroughs. This is because there will be a ‘ripple effect’ in London, where the increases will trickle out to other sought-after parts of town, such as Wimbledon.
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