The London residential letting market is finally showing signs of a recovery after being more seriously affected by the pandemic than any other area of the country. The Standard reports that after several months of decline, the cost of renting in the capital is now 3.6 percent higher than it was last summer.
London rents dropped by as much as 10 percent in some areas over the past 18 months, but during the third quarter of this year, they have picked up by an average of 5.6 percent in inner London areas. Outer areas of the city saw a 1.7 percent rise, with the overall average asking price now £2,019 per month, compared with £1,047 for the rest of the country.
As well as people returning to work in central offices and to be closer to the cultural life of the capital, the rise has also been fuelled by a shortage of rental properties on the market. Demand is outstripping supply in many areas of the country, as students and younger people who lived with their families during the lockdown seek new accommodation.
The shortage has been exacerbated by some landlords who sold their properties during the pandemic, after getting low returns on rent. Letting Agent Today reports that foreigners are also returning to the capital after the travel restrictions were eased. Those from the EU who work in the accounting, finance, and banking sectors have returned in significant numbers.
High net worth overseas students are also driving up demand for one- and two-bedroom flats. Competition for rental property is particularly fierce at the moment, as universities have taken on extra students this year, as many achieved better than expected A Level results, and courses have expanded their capacity by incorporating hybrid learning.
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