Rightmove: Rental demand surge for Inner London properties

Jake Carter

March 10, 2021

Annual searches for rental homes in London’s Zones 1 and 2 have jumped significantly, according to Rightmove.

Nine Elms in Wandsworth has seen the greatest annual rise in rental searches in the capital, up 126%.

Average asking rents in the area are now at £2,802 per calendar month, down 15% compared to a year ago.

Battersea followed, which has also seen rental searches more than double over the past 12 months, up 111%.

All of Rightmove’s top 10 latest rental hotspots are within zones one and two.

This is in contrast to last August when renters searching in the capital were house-hunting in the outer zones.

Rightmove’s data last summer reflected a shift in people wanting to move to areas with quieter transport links as office-based working and rail commutes became less frequent.

Last August, Canary Wharf ranked 203 in terms of annual growth in rental searches up 20%, but has now moved up the rankings to eighth with an annual search growth of 89%.

The study was conducted from over 23 million London searches completed via Rightmove.

Tim Bannister, director of property data at Rightmove, said: “Last year we identified a clear trend of renters moving out to quieter parts of Greater London as the allure of life in the city centre became less appealing during lockdown.

“However, with the prospect of some kind of normality potentially on the horizon, it appears that the capital’s renters are now looking to return to Inner London, and making the move now to take advantage of the lower rents.

“Our list of London’s top rental hotspots is dominated by locations in Zones 1 and 2 and that represents a significant shift in search behaviour.”

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