Buy-to-letNews

Demand for Nine Elms development pushes rental prices

Demand for the Nine Elms Point development (pictured) is pushing rents to above-average levels as homebuyers attempt to secure a home in the second phase of sales.

Lettings and estate agent Benham and Reeves has seen a surge in tenant demand with just 10 units left to sell over the next few weeks.

The development is set to complete during the autumn season.

The rents at Nine Elms Point on the higher floors are on the market for between £2,500 and £2,700 per month for a one bed property.

Sarah Edwards, branch manager at Benham and Reeves, said: “Nine Elms has been in the spotlight for quite some time now but the arrival of Apple and the American Embassy, coupled with the impending extension of the Northern Line, have been real signs of intent for the future of the area and this has resonated amongst the investment community and tenants alike.

“Now that the area has come of age, we are starting to see buy-to-let properties exceed expectations where rental income is concerned, and this is only going to continue as the number of properties entering the market slows and demand grows as a result of new infrastructure and the desirability of living in such a prime location.”

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