While the London rental market has seen a much-publicised recovery from the pandemic, there are certain areas where rents have yet to recover.
Surprisingly some of the capital’s most prestigious areas have yet to recover, as analysis from Rentd shows.
In SW1, around Westminster and Belgravia, the average rental value is currently -22.2% lower than it was in December 2019.
And it’s a similar story in the W1 outcode area of Mayfair and the West End, where prices are down -17.4%.
in NW11, around Golders Green, they’re down -13.7%; and in Earl’s Court’s SW5 area, prices are currently -13.6% lower than they were pre-pandemic.
Ahmed Gamal, chief executive of Rentd said: “Despite a very tough pandemic period, the London rental market has bounced back at an alarming rate and rental values are now exceeding their pre-pandemic benchmarks in many areas of the capital.
“This has been driven by a revival in tenant demand, both domestic and foreign, as the city has returned to normality both from a professional and social point of view.
“However, not every pocket of the London rental market has performed as well and tenants can still find some very good bargains when looking in the right place. But given the wider performance of the market, it’s unlikely these rental market bargains will be around for very long.”
Of course, these examples are a departure from the norm, as rents in the capital are 10% higher than they were before the pandemic started in December 2019.
The biggest increase from before the pandemic has been in Hammersmith’s W6 postcode area, where the average rent is now 45.6% higher, rising from an average of £2,171 per month to £3,161 per month.
In SE9, around Eltham, rent is now 44.9% higher than it was in December 2019 with an average monthly asking price of £1,507, while in Hackney’s E9 area, prices are up 41.9%.