Data released by estate agent Hamptons this month showed that demand from people looking to rent in city locations across Britain is down 23%. Hamptons International, a letting agent, said the figure was largest fall on record and completely undid all of the rental growth seen in 2019. But if you take a closer look, its collection of discounted listings just illustrates how crazy London’s frenzied rental market has … Tenants are increasingly choosing to upsize into bigger properties in quieter neighbourhoods. He said he had just let a studio flat at the Barbican that would have normally rented for £375 a week for £315 – amounting to a 16% cut. Central London estate agents East London estate agents North London estate agents South London estate agents Surrey estate agents West London estate agents; Popular searches London property for sale London lettings London short lets New Homes in London; Property intelligence Area guides House price reports Rental reports Home valuation service But lockdowns and travel restrictions in the UK and around the world have had a dramatic impact, said the firm, which highlighted a report issued in June that warned of “a potential drop in international students of 50% to 75%” this autumn. Despite a slight plateau caused in part by some political uncertainty and Brexit , the sector has remained strong. The London property market has soared over recent decades. Coronavirus lockdowns and travel restrictions imposed by the UK and other governments have hit the London rental market badly, an agency admits. Daniel Farey-Jones, freelance journalist, collects listings of rental properties in London whose prices have been reduced by a quarter or more. Rents in Bloomsbury and Clerkenwell “have probably fallen by at least 10%” over the last few weeks, according to a local lettings agency. And the phenomenon is not restricted to London. Covent Garden Rentals. They see this limbo period before offices are fully back up and running as an opportunity to perhaps rent somewhere a little bigger or negotiate a small discount.”. Here’s what could be next for their actions. A four-bedroom house in Upper Tooting that was listed at £2,850 a month in mid-July is now on at £2,500 a month – a reduction of more than 12%. But will they stay low, and if so, for how long? Rents in prime central London, defined by the broker as 14 districts, peaked in May 2015. Key Takeaways: The private rental market has shown resilience amid the uncertain and disruptive COVID-19 lockdown period. According to the Chestertons real estate agency, those now looking for accommodation are mostly tenants who “are looking for a better deal than what they currently have.” Put aside the economic disaster caused by the pandemic, and there hasn’t been a better time to be a tenant in years. Meanwhile, a two-bedroom flat in Tooting listed at £1,450 a month in early August has had £100 lopped off at £1,350. The upmarket estate agent Savills said that in some London locations, particularly those with a lot of offices, such as Wapping and Canary Wharf, there were higher levels of stock, and average rents had fallen “by a few percentage points” this year. Article. 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