Average room rents in the capital have dipped seven per cent compared to this time last year according to a flat-sharing website.
SpareRoom says this is down to Coronavirus, as room sharing is more heavily reliant on occasional visitors than more traditional flat or house renting.
The website says rents in west central are down no less than 16 per cent, with other double-digit falls in the East Central and North West London districts.
Drilling down to even smaller areas – postcodes – W10 (North Kensington) has seen a dramatic decrease in rent, dropping by 23 per cent, closely followed by WC1 (down 19 per cent) and SW8 (a fall of 18 per cent).
SW1 (Westminster / Belgravia / Pimlico) and WC1 (Bloomsbury / High Holborn), once unaffordable to many, might now attract new tenants, with rents down year on year from well over £1,000 per month to £927 and £878 respectively.
SpareRoom director Matt Hutchinson says: “Coronavirus is having a dramatic impact on all areas of life, including London rents. With rents and supply falling, we’re starting to see the entire city becoming more affordable, which could spur a flurry of movement as people seek out cheaper rents than they currently have.”
This post has originally been featured in Letting Agent Today.