Supply and demand continue to wreak havoc on London rents, says Foxtons
Supply and demand constraints have continued to wreak havoc on London rental costs, according to the latest data.
Central London produced the highest average weekly rent in the year to date at £627, a rise of more than a third in comparison with last year, research by Foxtons, one of the largest real estate agencies in the country, found today.
New listings across the lettings market have plummeted 40 per cent so far this year.
“Rent is making headlines in the capital… London’s average rental price for new rents was £541 per week in July, hot on the heels of June’s £549 per week, which broke the record as highest monthly rental price in years,”managing director Sarah Tonkinson said in a statement.
Average rental prices have been stuck within one per cent of the record-breaking highs seen in June.
“As low stock and high demand are likely to continue for some time, we do not see average rental prices declining significantly in the coming months,” she warned.