2020 continues to throw up surprises.
Londoners know that renting in the city is a nightmare. And at the top of the list of reasons why is the extortionate prices set by landlords that seem to only go up and up and up. But, in a sudden turn of events, the rent might be going… down?
Yes, we know. Is this a trick? A belated April Fools? Nope, apparently not—not according to estate agency Hamptons International.
The agency said that the price of renting a home in central London hit a record low last month. This was largely down to an increased number of available properties, due to the lack of tourism during the COVID-19 pandemic. In other words, properties usually let out to holidaymakers were put up for long-term rental, leading to a slight decrease in price.
Prices were slashed by around 7.4% in central London, to be precise. Plus, the number of available properties went up by a healthy 26%. These numbers weren’t quite as significant across the whole city, with prices dropping by 4.5%, and an influx of 14% new properties. Still, we’ll take any decrease at this point!
So, if you’re thinking of moving in search of “bargain” rent, now might not be a bad time to do it. Plus, demand has reportedly dropped by about 9%, so there might be less of a fight for rooms.
The same doesn’t go for the rest of the UK, mind. Hamptons discovered an increase in both demand and cost of renting outside of the capital. It’s likely that the shift to remote working is making people realise that they no longer need to be in the big city.