Rents In London Have Bounced Back To Pre-Pandemic Levels

London rents have rebounded to pre-pandemic levels as the city gradually returns to business as usual and brings tenants with it, according to a report Monday from Benham and Reeves.

Current rental values in the capital are now 9.4% higher than they averaged during 2020, with the leafy fringes of the city recording the strongest performances, the lettings and estate agent said.

Rents are up 20.1% year on year in Kingston, 18.3% in Bexley and 15% in Newham. Only in the City of London, the capital’s historic financial district, have prices failed to recuperate, with rental values still down 11.4% annually.

But, “while a bounceback from pandemic decline is encouraging, the real positivity lies within the fact that the average London rent is now 5.7% higher than it was in 2019,” the report said.

“Demand for rental homes evaporated almost overnight during the pandemic causing a surplus of stock on the market while rental prices plummeted,” Marc von Grundherr, director of Benham and Reeves, said in the report. “But the London market is nothing but resilient and when the tide starts to turn, it turns very quickly indeed.”

Already in high demand—the number of homes the estate agency is seeing rent is up 67% year on year and up 22.7% versus pre-pandemic levels—rental properties are expected to be increasingly coveted as international tenants return.

As such, the outlook is sunny for the city’s rental market, and the agency expects rents to rise 5.5% next year.

“We can say with confidence that the London rental market decline is now firmly behind us,” Mr. von Grundherr said. “Any lower confidence forecasts of further price reductions can now be disregarded with yet further positive growth forecast for 2022.”

A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.

Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.

Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.

Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.

The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.

Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.

A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.

In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.

Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.

The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.

Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.

Rents In London Have Bounced Back To Pre-Pandemic Levels

With demand on the up, the forecast is sunny for 2022’s rental market.

His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.