So far, 2020 has hardly been what you’d call a good news year. But here’s something potentially positive to come out of the last few months.
According to estate agency Hamptons International, the cost of renting in our notoriously expensive city is going down.
Apparently, the price of renting a home in central London had a record decline last month. It looks like this is because an influx of new properties, which were previously being rented out as holiday lets, are appearing on the market thanks to the lack of overseas tourists visiting the city this summer – and there’s a decrease in demand for London rentals.
Houses in central rented for 7.4 percent less last month than they did in June 2019, according to Hamptons’ data, while the number of inner-city homes available to rent increased by a sizeable 26 percent.
The story is the same, though a little less dramatic, across the entire city, where homes up for rent increased by 14 percent in June, and the price of rent dropped by 4.5 percent. Interestingly, the demand for rental properties in London is also on the decline, down by 9 percent last month.
It’s thought that the shift to remote working is having a negative impact on demand for London rentals right now, as Hamptons reported an increase in both demand and the cost of renting in other parts of the UK.
More interested in renting a holiday home right now? Check out these Airbnbs near London.