After rising 3.3% in July, average rental values across Greater London have reached £1,615 (US$2,079) per month, according to HomeLet’s new rental index, released this week.
The monthly rental value is the highest level in the last two years, which is the time frame of data that the U.K.-based lettings insurance company displays.
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The capital has long held the title of the most expensive rental region across the U.K. and continues to do so, but letting rate growth in the capital has been stagnant—the result of Brexit uncertainties and rising property taxes for high-end and second homes and landlords—though a bevy of experts have been pointing toward recovery.
Rents across the entirety of the U.K. rose 1.3% in July compared to the same time last year and the average rent now stands at £937 (US$1,206) a month.
When London is excluded, the average U.K. rental value was £777 (US$1,000) in July, an increase of 1% compared to last year, according to the report.
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HomeLet’s index shows that rents rose annually in eight of the 12 U.K. regions covered in the research. The largest annual increase was in Northern Ireland, where rents rose 4.5% in July. London was tied for second with Scotland.
The East of England was the worst performer, as prices fell 1.1% to an average of £909 (US$1,170).
HomeLet could not immediately be reached for comment.