London Postcodes With Highest And Lowest Rental Spikes
Rentd reveals which London postcodes saw the most significant jumps in rental prices in the past 2 years, with some postcodes still seeing rents below-pre-pandemic levels.
Generally, rents in London are rising, driven by the return of residents and international professionals to London. But some London areas boast more affordable rental homes than the majority of postcodes in the capital.
Specialists at Rentd analysed how the rental market in London changed throughout the pandemic and compared current rents to the pre-pandemic levels.
The Rental Market in London 2020 vs 2022
The much-reported exodus of London residents that started when the pandemic hit now seems to be completely over. London rents are now 10% above the levels seen just before the pandemic hit.
W6 in Hammersmith saw the most significant increase in rental values. Current values in the area are 45% above the pre-pandemic levels and reach £3,161 pcm.
In SE9, Eltham, rents are also higher than before the pandemic (45%), as well as in E9, Hackney (42%).
Rental values are above the pre-pandemic levels in 88% of London postcodes. But several areas offer much more affordable rental homes with prices below the levels seen before the pandemic.
Surprisingly, current rents in SW1 nearby Westminster and Belgravia are 22% lower than the pre-pandemic levels. W1 (-17%) in Mayfair, NW11 (-13%) in Golders Green, and SW5 (-13%) in Earl’s Court follow next, with rents sitting below the pre-pandemic levels.
Several other postcodes likewise made it to the top 10 areas with lower rental prices, including TW10, WC2, and SW10.
According to Rentd, the rental market in London has swiftly recovered from the pandemic despite the challenging settings. Current rents are exceeding the pre-pandemic levels in the majority of London postcodes.
The experts attribute this trend to the returning local and international demand from tenants, as London has returned to the normal from many viewpoints, like business and social life.
But several London postcodes still offer more affordable rental homes than before the pandemic. Given the current heated market setting, the experts don't expect the bargains to last for a long time.