Brent is the sweetspot for London's landlords as properties in the borough enjoy the double boon of rising house prices and higher rental returns, research showed today.
Homes in Brent - which sell for £320,000 on average - have seen 2.5% growth in prices since the beginning of 2008 and rental yields have soared above 6%, according to lettings specialist firm Edmund Cude.
Wealthy overseas buyers pumping funds into upmarket areas such as Chelsea and Westminster, have sent prices rocketing by more than 10% in those areas but have driven down rental returns.
In East London, the reverse has been true as landlords endure steeper price falls but rental returns are highest. Brent avoids both pitfalls with rising prices but rental returns above the 5% average for the capital overall, the letting agent said. Cude's finance director Neil Nichols said of Brent - one of whose most famous residents is former mayor and Brent East MP, Ken Livingstone, pictured: "It has the best of both worlds. You get the ripple effect from its proximity to Kensington and Chelsea, which boosts prices, but it's also a popular place to live which pushes up rental demand."
Nichols added: "An influx of overseas investment has sent prices rocketing in central London but it's a localised trend. London is a tale of two cities at the moment - nine boroughs have seen price rises but 23 have gone backwards since 2008."
