London rental demand drops by up to 43 per cent, as students and Airbnb tourists stay away

[AMart]

London rental demand drops by almost half pushing rents down with it

While commuter belt interest has soared, London’s estate agents say that it is the halt in the international market that is as much to blame

www.standard.co.uk

Demand for rented properties in London has dropped by as much as 43 per cent in the last year while demand in the commuted belt soared, a new study shows – but the capital’s estate agents say that this is as much to do with changes to the international market as it is with mass migration to the suburbs.
The report, collated by flatshare platform SpareRoom, also showed that no area of the capital has been spared a plummet in interest. London was also the only major town or city to suffer a decline in rental demand.
West Central London saw the biggest downturn, with year-on-year demand dropping 43 per cent, while East Central London also took a considerable hit, dropping 39 per cent. Even perennially popular hipster magnet East London saw interest drop by 19 per cent.

In contrast, demand in a number of the capital’s commuter belt towns increased during the coronavirus pandemic. Southend-on-Sea saw a 54 per cent increase in rental interest, followed by the likes of Luton (39 per cent), Milton Keynes (33 per cent), Slough (32 per cent) and Reading (27 per cent).
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