London rent prices fall furthest for expensive central properties – CityAM : CityAM

Rent prices have fallen by an average of 6 percent across London with expensive properties in the city centre seeing the biggest reductions.

Data published by Zoopla for the year ending June 2021 revealed that Tower Hamlets saw the greatest reduction in rent prices of any London Borough. Prices are down 8.5 per cent with properties renting for £1,582 on average.

In Kensington and Chelsea, the most expensive borough for renters in London, prices dropped by 7.5 per cent to an average of £2,550. Westminster, Islington and Southwark were also hit hard, with rent falling by 8.1, 8.0 and 7.6 per cent respectively.

By contrast, less central areas have seen an increase in demand. In zone 6, Bexley saw the biggest increases to average rent prices of 4.2 per cent, bucking the trend for more central locations.

The figures chime with data suggesting that fewer people want to rent in the capital after three Covid lockdowns. Instead, people have been prioritising homes with more space as remote working continues for much of the UK workforce.

In the City of London, where rents have been hit hardest, workplace attendance is down 54 per cent compared to baseline levels according to Google mobility data.

Likewise, in the borough of Kensington and Chelsea, public transport use is down 58 per cent compared to baseline levels while workplace attendance is down 21 per cent.

Read more: Demand for houses worth £1m is greater outside London than inside