Daily Management Review

Housing rent price in London falls by 12% in 2020


Amid the pandemic, rents in UK city centres have fallen while rents in some smaller towns and suburbs have risen.

These are the findings of analysts at UK property sales and lettings website Rightmove. The strongest decline in rents over the year was noted in central London - down 12.4% to £2,200 per month. Rents in the centre of Edinburgh (down 10% to £1.1k) and Manchester (down 5.3% to £1k) have also fallen quite dramatically.

Rents have risen most significantly in smaller towns in the North of England, Durham (16.4% to £632 a month), as well as in the Manchester suburb of Wigan (11.2% to £559). 

Previously, similar house price figures had been published, with house purchase prices rising most significantly last year in several Manchester suburbs.

"The extra price that many landlords are usually willing to pay for the energy and activity of the city centre right outside their doorstep is now working to a lesser extent," notes Rightmove property data director Tim Bannister. Outside city centres the picture is very different, with agents reporting a fairly congested market and rising rents.

source: rightmove.co.uk