After months of downturn due to tenant relocation and oversupply, the leasing industry in London is recovering.
The Home website, which monitors the rental market, said that although average rents are still lower than a year ago in general, most boroughs have seen significant increases in the past three months.
The biggest rent increases in the last quarter were in the City (+30.1%), Wandsworth (+9.7%) and Westminster (+7.5%).
The recovery is driven by returning demand as the capital slowly returns from the pandemic, says Home.
In all other areas of England, Scotland and Wales, significant scarcity of rental properties persists, driving up rents.
According to the website, five of the nine regions in the UK have double-digit annual rent increases.
The largest annual average rent increases were in the East of England (+11.1%) and the South West (+16.1%).
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