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Rents are still rising rapidly in prime areas of London thanks to a shortage of homes available to rent and high demand from tenants.
That’s the view of London property data consultancy LonRes, whose managing director Anthony Payne comments: “The shortage of homes to rent is limiting activity in the market with new lets well below normal levels.”
Payne says the prime London rental market in 2022 was characterised by a lack of homes available to rent and rapidly rising rents.
There was still a severe lack of stock available to rent amid a rebound in demand as people returned to live, work, and study in London, post-pandemic. This lack of homes has, in turn, led to a fall in the number of new lets in the market.
LonRes says there are several possible reasons for the decline in activity – some suggesting a short-term effect and others more long-term. These include a temporary rebound from the pandemic, landlords selling their properties, and a shift to longer-term tenancies.
The lack of homes to rent and strong tenant demand helped increase prime London rents to new record highs in 2022, with rents ending the year 13.7 per cent higher and 19.8 per cent higher than the pre-pandemic average.
Payne concludes: “A shortage of stock, but no shortage of tenants continues to put pressure on rents taking them to new highs. At the end of 2022 prime London rents stood 13.7 per cent higher than they had been a year earlier.”
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Well that’s a surprise…. Rents will carry on rising until more supply comes on tap….. but that is never going to happen or not until the Tory government wakes up to the huge mess they have created….
Nigel- The government is full of morons, they have no clue 🕵️♀️, let the rents rise and we can cash in, this is not our doing. I take no responsibility for it.
They're following orders , they all are
We live in a plutocracy not a democracy , money talks
These rents will continue to spiral for as long as the government pushes good landlords out of the market.
As supply disappears rents will start going into orbit but as happened during the 1970s/80s pre section 21 the government will no doubt turn to rent controls to protect the soon to be sitting tenants. No doubt London's Night MAYOR will be first to implement them and any property owners not willing to adhere to the new order and daring instead to keep their property empty will of course be wheeled through the streets of London and be publicly flogged in Trafalgar Square.
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