Tenants returning to the city

Tenant viewings across London and the Home Counties were 82% higher in June compared to the same month in 2019, Knight Frank research shows.

There were almost twice (97%) as many prospective tenants, with the number reaching the highest level on record.

Tom Bill, head of UK residential research at said: “The prime lettings market in London and the Home Counties is on the verge of a notable escalation in activity.

“Demand is getting stronger as supply normalises, which means upwards pressure on rental values. And that is before the relaxation of international travel restrictions.”

While rents are technically declining, the falls are becoming less significant.

In Prime Central London the average decline in the three months to June was 1.6%, the smallest drop since the start of the pandemic.

The annual rental value change in Prime Central London was -11.5%, the narrowest decline in six months.

Prime Outer London also recorded its smallest quarterly decline (-0.8%) since before the pandemic, with rents falling 8.1% in the year to June.

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