New research has revealed a surge in demand for central London homes to rent since the pandemic.
In the survey by Paragon Bank, covering the final quarter of 2022, 94% of central London landlords reported strong levels of tenant demand, with the remaining 6% saying demand was stable. The figures are the highest of any region in England and Wales.
The appeal of renting in the capital has grown since the pandemic when working from home and the race for space put city living out of favour. By comparison, the same survey in 2020 saw just 12% of landlords reporting increased tenant demand.
According to Richard Rowntree, managing director at Paragon Bank: “A lot was said about the impact of the pandemic on the central London rental market, with a number of factors such as the rise in home working and increased desire for access to green space leading to demand for centrally located homes apparently falling off a cliff.”
The latest figures follow high levels of demand in the third quarter of 2022, when 65% of landlords said demand for rental properties had increased.
Said Mr Rowntree: “The overall record high level of increased tenant demand reported in Q3 2022 continued into the final quarter of last year. This is unsurprising given the pressure on household finances and the relative affordability of rented homes, reinforcing the need for an environment that encourages investment in the private rented sector.”
Strong tenant demand was also seen in the East of England, Wales and North East England. Read more about this story on the Property Reporter website.