Londoners have made a triumphant comeback to their city center.
According to estate firm Hamptons International, rents in central districts increased by 4.3 percent in June over the previous month, the quickest rate on record, as the relaxation of lockdown restrictions enticed tenants back to city living. This is the first time rents have risen on a monthly basis since the coronavirus outbreak began back in 2020.
“Inner London landlords have endured the most of all investors in the country. However, during the past months, rental growth in the city has shifted”, mentions Aneisha Beveridge, head of research at Hamptons, who believes that rentals in the area will revert to pre-pandemic levels over the next year.
Prices rose because the number of tenants looking for leases increased by 45% in June compared to the same month in 2019. Rents have risen as a result of a shortage of available residences, as short-term rentals such as Airbnb properties have returned to the market.
The renewed interest in urban life provides the opportunity for central London to recover from a dreadful year. The debate over whether the epidemic has permanently tarnished the attractiveness of city life continues, or if the trend of urban flight will fade along with the lingering lockdown measures.