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Demand For Rental Properties Rises In London

The London rental market is bouncing back strongly from the impact of the pandemic, with the latest figures showing a steep rise in demand for rented accommodation. Landlord News reports that the unsettled period for the London lettings sector is over, and most boroughs of the city recorded a quarterly growth in demand during the first half of 2022.

The most popular areas of London for rentals include Waltham Forest, Redbridge, Barking, and Dagenham. Only the prime locations around Kensington, Chelsea, Westminster, and Camden continued to experience a decline.

Ahmed Gamal, a property portal CEO, comments: “The London rental market has been particularly hard hit during the pandemic and with a lack of both foreign and professional tenant demand, landlords have had to slash their rental price expectations simply to avoid long void periods with no income at all.”

He added: “However, this year has brought a rejuvenated level of certainty to the market, spurred by a return to the workplace and an uplift in rental demand for London properties. As a result, we’re seeing rental values return, and exceed, pre-pandemic levels in many parts of the market and this will be very welcome news for the capital’s landlords.”

Despite the return to prosperity, rental housing stock across the capital remains low, with an estimated 85,000 extra rental homes needed a year to meet the current level of demand. The pressure is expected to grow over the next decade, owing to a boom in the 15-24 age group, which will swell the London population by 120,000.

As many people of this age rent property while studying at university or settling into their careers, demand is set to soar even higher. This has led to calls to increase the rate of new builds, and to encourage owners to bring empty homes back into use. It has also been suggested that more commercial buildings could be converted to residential use.

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