As a major business machines company used to say, "We don't lose customers, we just lend them to the competition for a while." So it seems with London, as the post-pandemic return of tenants pushes rents to new highs.
Homelet's rental index for April shows average national average rents for new tenancies rose by 9.5% in the last year, with London leading the way at 14.2%.
With Covid being pushed further to the back of people’s minds, life in the capital is slowly returning to its new normal. Tenants are returning to the bright lights of the city and this is driving rental growth to record highs.
Prime Central London
According to property services giant Knight Frank, the number of rental properties coming to market has dropped by 40%, while enquiries have risen 57%, driving up prices by 29% in the year to April. Whilst prime central was the the country's biggest rental market loser during Covid, prices are now 9% above pre-pandemic levels.