In London, rents for luxury accommodation are rising steadily to reach or exceed pre-pandemic levels. Indeed, rental values are 5% above pre-Covid-19 levels.
Despite a still volatile environment in relation to the health crisis, rental values for luxury properties in London are now well above those of 2020. According to property consultancy Knight Frank, in January the annual change in central London was up 19.8% on last year. Areas outside London were also up 16.6% in January.
“The unprecedented context of the pandemic has led to exceptional growth in rental values over the past year,” said Tom Bill, Head of UK Residential Research at Knight Frank.
People wanting to rent are therefore facing a rise in rental prices in London.
“It’s a difficult time for tenants at the moment, rents are rising and stock availability is low, which means transaction volumes are lower website. That said, we expect stock levels to start improving later this year,” said Gary Hall, Head of Lettings at Knight Frank.
Indeed, research by property firm Zoopla has revealed that rents in the UK are now £62 per month higher on average than in March 2020.
During the health crisis, prices in London boroughs have remained relatively stable, however they are now gradually increasing. Over the year, average prices rose by 1.5% in the Prime Central London geography, the highest annual rate since August 2015. In outer London, average prices rose by 3.5%, the highest annual growth since June 2015.
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