London Rent Prices Jump 7.7% in September

The cost of renting in Greater London surged by 7.7% in September, reflecting a renewed appetite among renters. Discover what this means for the market.

In September, the rental landscape across Greater London experienced a notable escalation, with costs surging by 7.7%. This uptick indicates a revitalized enthusiasm among renters navigating the urban milieu. Consequently, the annual growth rate now stands at 4.4%, a figure that lingers just beneath the national average of 5.3% across England. The average rental price in London has reached a staggering £2,376, while the duration of void periods has contracted to a mere 10 days, as tenants engage in a competitive dance for desirable accommodations. 

While it remains premature to draw definitive conclusions, this trend may herald the onset of a tapering in the rental cost 'bull run' as we approach the winter months. In stark contrast, the North East has witnessed a dramatic decline in rental prices, plummeting by 10.9%, followed closely by the East Midlands at -8.4% and the South West at -5.3%. Such fluctuations in the UK rental market underscore the complexities and variances inherent in regional housing dynamics, leaving one to ponder the broader implications for both renters and landlords alike.