Tenants are leaving London in response to the pandemic, changing the rental market landscape.
According to new research, landlords letting properties in London were the only ones in the country to report that tenant demand had fallen more than it increased. 56 % of landlords with properties in Central London saw tenant demand fall in the first quarter of 2021 compared to the same period last year while just a 12 % reported that demand had increased.
But Central and Outer London seems to be the only regions where a significant proportion of landlords reported that rents are falling.
Landlords with property in London were also more likely to have reduced rents across their own portfolio in 2020 (46% reduced them in Central London, 26% who reduced them in Outer London).
Elsewhere, tenant demand was strongest in Wales, with 57% of landlords renting property there having reported an increase over the same period.
In the South West 53% reported an increase in demand, compared to 13% who registered a fall.
Overall, across England and Wales, 31% of landlords reported tenant demand for properties had increased in the first quarter of this year.
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