The latest rental market snapshot from the property website Home talks of “a nightmare scenario for London landlords”.
Firstly, it says rents continue to plummet in Greater London, down 17.0 per cent year-on-year overall compared to 2020. Worse still, some boroughs registered reductions in the average rent in excess of 30 per cent.
Secondly, it warns that Greater London has worsening over-supply. Thirdly, Home suggests that London is likely to be suffering some of the country’s highest rent arrears, fuelled by Coronavirus.
This “is a nightmare scenario for many London landlords” the website states.
By contrast, a dramatic supply shortage is evident in all other English regions, and Scotland and Wales, thereby forcing up rents.
Home says some regions indicate drops of over 50 per cent in the total of newly available properties to let entering the market compared to a year ago.
The largest annualised rent hikes are in the North East (+16.6 per cent) and the West Midlands (+20.7 per cent).
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