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London, Manchester and Edinburgh Rank Amongst World’s Top Cities for Property

London is now the second most expensive city in the world for monthly rents, according to new research.

London, Manchester & Edinburgh World-Class Cities for Rents & Yields

London is now the second most expensive city in the world for monthly rents, according to new research.

CBRE’s 2016 edition of the Global Living report has found that the most expensive rents in the world can now be found in Singapore – displacing London from the number one position for the first time.

The average monthly rent in Singapore now stands at $2,960 (£2,250), with London commanding $2,810 (£2,136) and Abu Dhabi generating $2,558 (1,944) per calendar month.

According to the report, rather than London’s rents subsiding, an increased rate of growth in the Singaporean rental market has been the reason for the city overtaking the British capital, rising by 36% year-on-year compared to London’s 8.17% increase.

In 2015, the average rent in London stood at £2,080 per month, whilst Singapore’s average stood at £1,650 – enough to achieve third place on the league table.

Also featured in the report were Manchester and Edinburgh, displaying world-class results for rental yields.

Manchester entered the top 10 cities in the world for highest average rental growth for the first time, finishing in fifth position with an increase of 8.7% and beating the likes of Los Angeles, Vancouver and New York.

For the highest average yield, both Manchester and Edinburgh ranked in the top 10 cities, finishing in eighth and tenth place respectively with yields of 7.2% and 6.9%.

The highest rental yields in the world were to be found in Chicago (10.1%), Miami (9.6%) and Milan (9.2%).

Commenting on the performance of the UK’s cities in the report, CBRE’s head of residential research, Jennet Siebrits, said: ‘In the UK, annual house price growth to the end of May 2016 reached 13.6%, up from 8.7% one year ago, suggesting that demand for this world-class city [London] remains strong.’

Earlier this month, research from the Royal Institute of Chartered Surveyors (Rics) found that confidence is returning to the housing market in London and the rest of the UK following Brexit.

Rental Increases London Property  Manchester UK Rental Yield Growth  Manchester & Edinburgh Highest Average Yield

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