The average London room rent fell by 7% from £780 in Q3 2019 to £725 in Q3 2020, as the capital continues to struggle due to the pandemic.
Rents fell by as much as 20% in Maida Vale/Paddington, as well as 17% across Westminster/Belgravia/Pimlico.
Matt Hutchinson, director of SpareRoom, said: “Once again, London dominates the headlines in terms of falling rents, and it’s generally the most expensive neighbourhoods that are worst affected.
“With so many young renters leaving the Capital, either to find cheaper rents, to move with family, or to leave the UK altogether, it’s hard to know when, or even if, London will regain the appeal it had before the pandemic.
“What we’re seeing might just be a temporary shift in the rental market, or it may be the start of the UK’s rental map being redrawn permanently.
“Even if young renters do return to the Capital in their previous numbers, affordability will be their absolute top priority, in a city that already had an affordability crisis coming into this.”
Although London fared worse than other English cities, Edinburgh saw the biggest rent drop out of the UK’s 50 largest towns and cities, with rents down 10% between Q3 2019 and Q3 2020.
This post has originally been featured in Property Wire.