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Normally the London rental market just goes up, but on occasions it does take a fall and the pandemic has resulted in an increase in supply of rental properties and fall in demand, so much so that rents have, typically, fallen. For once, good news for tenants! Well in the short term. Read the full article here.
For a round up of the prime rental market in London, read more here.
London is made up of 32 boroughs, some of which are host to some of the most expensive properties in the world, which reside next to social housing, owned by the state and rented at around a third of the cost on the open market. London is often included in the overall UK and country statistics, which disguises what’s really happening in the market. As a capital city, it should be compared to other capital cities across the world rather than other areas in the country due to the level of international investment it attracts and the higher rates of renting versus home ownership. Read more here.
The prime market in London is incredibly specialised and is well reported and measured by Savills and Knight Frank. Here is a summary of their reports.
The main summary of the national figures is that for sellers, this is probably one of the best times to put your property on the market, but they are only likely to benefit from the reduced £250,000 stamp duty holiday as it’s likely to be too tight to sell now before the end of June. Regionally the market is starting to go back to different levels of growth. Read more about what's happening in the property market here.