“Areas such as Westminster, Pimlico and Belgravia have all seen an increase in the number of rental properties being made available, which has given tenants a larger pool of properties to choose from. Although there are still several tenant enquiries per single listing, the increase in supply has resulted in a readjustment of asking rents,” says Alina Alexa, Director at Chestertons Westminster branch. “It’s also important to point out that the data refers to Q4 2023, which was a peak time for London’s rental market, driven by an influx of tenants looking for a new property post-pandemic.”
Has London reached ‘peak rent’? Here’s where room rents are falling fastest
