London lets recovering but many rents still below pre...

New figures show that post-pandemic rental prices are on the rise across the majority of the capital but that some rents are still at pre-Covid lows.

The research, by rental platform Rentd, shows that average London rental values today are 10 per cent higher than they were in December 2019.

The biggest increase has been in Hammersmith’s W6 postcode area, where the average rent is now 45.6 per cent higher than pre-pandemic levels, rising from an average of £2,171 per month to £3,161 per month.

But while rental prices are now higher than their pre-pandemic levels across the vast majority of London postcodes, there are still some pockets of the capital’s rental market that have yet to bounce back.

In SW1, around Westminster and Belgravia, the average rental value is currently 22.2 per cent lower than it was in December 2019.

In the W1 posttcode area of Mayfair and the West End, prices are down 17.4 per cent; in NW11, around Golders Green, they’re down 13.7 per cent; and in Earl’s Court’s SW5 area, prices are currently 13.6 per cent lower than they were pre-pandemic.

TW10, N13, WC2, IG5, SW10 and SW14 also rank within the top 10 London postcodes where rental values have seen the biggest dip when compared to the pre-pandemic market.

Rentd founder Ahmed Gamal says: “Despite a very tough pandemic period, the London rental market has bounced back at an alarming rate and rental values are now exceeding their pre-pandemic benchmarks in many areas of the capital.

This has been driven by a revival in tenant demand, both domestic and foreign, as the city has returned to normality both from a professional and social point of view.

However, not every pocket of the London rental market has performed as well and tenants can still find some very good bargains when looking in the right place. But given the wider performance of the market, it’s unlikely these rental market bargains will be around for very long.”