Home West London More signs of recovery in London’s rental market – Property Industry Eye

More signs of recovery in London’s rental market – Property Industry Eye

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Rents in London are beginning to get well from the steep falls they skilled final yr, new figures present.

Rents in London had been 6% increased in April than they had been firstly of the yr, which is a marked enchancment on the 20% fall recorded in some elements of the capital throughout the first lockdown in March 2020, in accordance with Chestertons.

Smaller flats in central London had been most affected by the downturn, however because the success of the vaccination programme continues and the prospect of some kind of normality by summer time, the information from Chestertons reveals that rents in many areas have began to get well.

As tenants proceed to search for bigger properties and higher entry to outdoors area, Chestertons figures present that rents in south west London confirmed some of the largest will increase, with common rents in Richmond 24% increased in April in comparison with January.

Some extra central areas that noticed giant falls final yr have additionally began to bounce again rapidly, corresponding to St Johns Wood (+23%) and Little Venice (+29%) and Kensington (+26%).

Richard Davies, Chestertons’ head of lettings, stated: “The rental market in London can change extremely rapidly and it now seems to be properly on the highway to recovery following a extremely troublesome yr, final yr. Over half of our 31 London places of work noticed rents improve between January and April, with many of them seeing double-digit will increase.

“With London’s journey and leisure restrictions easing, we anticipate to see the central London life-style regaining its enchantment, in explicit for abroad college students and other people which were residing outdoors of London throughout lockdown. This will almost definitely trigger costs for the preferred properties to proceed to rise, corresponding to these with a house workplace or outside area.”