Rents plunge 8pc in London during lockdown as tenants demand discounts from landlords
11 June 2020
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The Daily Telegraph
Tenants moving home or renewing contracts are demanding significantly lower monthly rents, as the coronavirus crisis flips control of the market from landlords to renters.
Since the property market was reopened, demand for rental properties has fallen while supply levels have grown.
In London, average rents have fallen sharply since the start of the crisis. Average prices in the capital fell by 8.4pc between March and the easing of lockdown at the end of May, according to property firm LonRes.
Compared to the same period last year, rents are down by 3.4pc, its analysis found.
Growing supply and falling demand have caused the market shift. In London, stock levels were 29pc higher at the start of June compared to the same point last year.
Yet demand for properties has dropped as foreign workers have left the country and Britons have swapped the city for rural locations, where rents have held up rather than fallen.