Rents In London Have Bounced Back To Pre-Pandemic Levels
With demand on the up, the forecast is sunny for 2022’s rental market.
2 min
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.”
Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: November 1, 2021.
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2 House of Joy
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4. Interiors Now!
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5. Home by the Sea
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