Posted: 15th June 2023

PRS shock: London rents rocketed by 20% last year, says Agents

Latest figures from estate agency reveal that it saw the average weekly rent rise to an astonishing £551.

According to Foxtons, the average rental price in the capital increased by 20% in 2022 compared to the previous year, further burdening prospective homeowners.

Rental prices continued to rise throughout 2022, concluding 20% higher than in 2021. At the same time, demand was still high, with finishing the year up 14%.

Perhaps not unexpectedly, Foxtons' number of new listings fell below 20,000 in December and hit a four-year low.

The average weekly rental price in December, at £551, surpassed end-of-year price records while remaining unchanged from November.

Nehal Virani, Director of Property Hub says: “Competition was higher than usual this December, with 18 renters per each new instruction – a 23% increase from November – so landlords saw more interest around their new listings than they’d typically expect to see this time of year.

“London is starting 2023 with comparable levels of rental demand and supply to 2022, which might indicate a similarly strong market to 2022’s first quarter.

Futhermore, Sarah Tonkinson added on and said “Demand remains high and I do not see a great glut of stock on the horizon and that doesn’t happen in London”

Due to the high and increasing demand, the rent prices are therefore increasing making it difficult to afford residential and commercial placing. During these tough times for people looking to rent, we at property hub are free to help. If you have any worries about this subject then contact us and professional advice can be given.

References

The Negotiator

If you have any questions, please speak to Sachinkumar Gupta of Property Hub Ltd.

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