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67% leap in rental supply drags down London rents

08 April 2009
Written by Rosalind Renshaw

Prime Central London rents fell by 7.4% during the first quarter of the year – the second largest fall on record, according to Knight Frank’s latest figures.

Rents have now been falling for a year and are 18.2% lower than at the same point in 2008, bringing them back to September 2000 levels.

Although demand for rental property has increased by 20% over the past year, Knight Frank says this has been more than offset by a 67% increase in supply.

Liam Bailey, head of residential research at Knight Frank, said: “Rents in Prime Central London have fallen dramatically over the past six months, with falls of 9.6% and 7.3% recorded for the final quarter of 2008 and the first quarter of this year.

“Demand for rental property is strong by historic standards. However, supply has increased by more than half over the past year, mainly as a result of developers and other frustrated vendors opting to put their properties on the rental market.”

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