Living Near a London Icon Is Now a Lot Cheaper as Rents Sink

29 July 2020

Bloomberg

One of central London’s newest luxury neighborhoods isn’t as exclusive as you might think.

Rental growth in Nine Elms, the area surrounding the iconic Battersea Power Station where hundreds of new apartments are sprouting up, is struggling to keep pace with the city’s prime locations. Prices per square foot have fallen by 15.7% in the past year, far more than the 9% average drop in other expensive areas, according to research by LonRes.

Many of the properties are owned by investors, who face a double whammy of oversupply of properties and rental weakness due to coronavirus. When the pandemic froze the property market for much of the second quarter, rents in the south London area slumped 6.1% on an annual basis, following a rise of just 0.5% in the first three months.

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