Due to a “shift in lifestyles” brought on by the pandemic, landlords in some of London’s most lucrative areas, such as Camden, have begun lowering rents for the first time in years by as much as £400 a month – but private tenants have been warned that the deals might not last long.
Landlords are afraid that their flats could stand empty, and have fewer options on the Airbnb short-let market because of the drop in travel and tourism.
Tenants who might afford the higher rents are now less interested in shopping and nightlife and are looking for more space to work from home and gardens, and even wondering about the need to stay in expensive areas of central London at all.
However, rents still have a long way to fall to reach 33% of income in line with the UN’s definition of ‘adequate housing’, while cut-price offers could easily be reversed next year. On top of which there is more supply as Airbbnb landlords switched to longer-term rentals.