PCL Rental Market Remains Heated
New market data suggests rental demand in prime Central London (PCL) continues to be heated.
Newly released data from market specialists reveals 94% of landlords in PCL reporting heated rental demand, with 6% saying the levels are stable.
Rental Property Market In Central London
The final quarter of 2022 saw the PCL rental appeal bounce back following a period of muted activity during the pandemic. In Q2 2020, just 12% of landlords reported rising demand for rental homes, contrasting with 90% in Q4 2022 (the highest level of any area in England and Wales).
Interestingly, we continue seeing similar trends in Q1 2023 as rental demand remains heated in PCL (94% of landlords confirm this trend). As for the other regions, the East of England and Wales follow next, with 92% of landlords reporting rising demand.
Experts Say
Specialists confirm falling demand levels for rental homes in Central London areas, driven by the pandemic and the widespread implementation of WFH and the race for space and suburban homes.
Today, we see a market bounce back as rental demand in PCL hits new records and remains heated. This trend suggests that the appeal of city living has returned, and renting is an option many opt for in challenging market settings.
Moreover, rental demand spiked in Q3 2022 but didn't stop and continued to the last quarter and the new year. This trend is hardly surprising as many buyers put their homeownership plans on hold in challenging market settings and decide to rent. As a result, investment in the private rental sector is as critical and needed as ever.
