Another rental market snapshot suggests that London is suffering an oversupply of properties to let – with rents dipping as a result.
The Home website, which produces a monthly sales and rental index, shows positive annualised growth in all regions except Greater London.
The capital has seen a 3.4 per cent year-on-year fall in rents and Home’s latest report notes: “Growth in the capital has become increasingly negative overall and a total of 13 prime boroughs now show year-on-year falls in asking rents, up from 12 last month. The worst performer is Kensington and Chelsea with a year-on-year decline of 11.9 per cent.”
UK-wide average asking rents are now 3.9 per cent higher than in February 2023.
The North East is now the regional leader in rental growth, surging 14.1 per cent year-on-year.
