One 12 months on from the start of the pandemic, London’s reversal of fortunes within the rental market continues in accordance to the newest market snapshot.
According to new figures launched by lettings platform SpareRoom, room rents in each London area have been down 12 months on 12 months.
The West Central space of London noticed the most important drop (down 20 per cent), adopted by East Central (down 17 per cent) and West (down 11 per cent).
The London postcodes the place room rents have diminished probably the most embrace SW1 (Westminster/Belgravia/Pimlico – down 25 per cent), W1 (West End/Soho down 23 per cent) and W8 (Holland Park, down 21 per cent) dropping from £1,117, £1,169 and £1,144 to £833, £904 and £900 respectively.
The adverse development within the capital continues to pull down common nationwide rents, regardless of a number of areas of the UK experiencing rental will increase.
Excluding London, UK rents are up one per cent yearly. In truth, the one UK area other than London to expertise a lower in room rents was the West Midlands, down one per cent.
Alongside London’s sustained decline in rents, SpareRoom analysis reveals a marked fall in demand vs provide for leases throughout the capital for the reason that begin of the pandemic.
Matt Hutchinson, SpareRoom director, feedback: “One 12 months on from the beginning of the pandemic there’s no signal but that the London market is recovering. However, because the vaccine rollout continues and the UK begins to open up extra, there might be pent up demand prepared to hit the market over summer season.
“Where individuals select to reside post-pandemic stays to be seen. The rise in distant working might imply different areas of the UK continue to see elevated demand. However, because the capital’s key industries, like tourism, hospitality and leisure begin to get well, they’ll imply the return of big numbers of jobs. As we all know, work is among the greatest drivers within the rental market.”