Annual London rental price growth still going strong
First published on KensingtonHouse.com on 1 February 2024. Figures, forecasts and quotations reflect that date and have not been updated. Read it as a record of the market at the time, not as a current view.
The Office of National Statistics’ recently revised methodology for calculating rental price growth shows that increases have been even stronger than previously thought. In the capital, year-on-year rental growth hit 10% in October 2023, compared with a previous estimate of 6.8%.
“It is still taking an average of just 13 days for a London rental property to be snapped up”
Meanwhile, recently released Rightmove data for the three months to September showed London rental prices climbing by over 12% to £2,627 per month, as an average of 25 people competed for each property. Zoopla reported last week that despite the past three years of record-breaking rental growth, it is still taking an average of just 13 days between a London rental property coming on the market and it being snapped up by eager tenants.
Original publication: kensingtonhouse.com, 1 February 2024. The organisations quoted are named in the text; their figures are reported as they stood on the publication date.