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London is an eye-wateringly expensive place to rent, we know this. But even that doesn’t mean the cost of letting a place in each borough is on the up all the time – the market is fast-moving, and can fluctuate a lot.
And a new study called the HomeLet Rental Index has just revealed that several London boroughs saw rent prices drop in June 2024, and the largest of these was in Wandsworth, which decreased by a considerable 5.9 percent.
And more west London neighbourhoods saw a drop as well: Hammersmith, Fulham and Kensington and Chelsea all saw a drop of 4.3 percent, and in central, Westminster rents declined by 3.9 percent.
But there were still some areas which saw an increase in prices. Barnet rent prices increased by 4.2 percent, Brent’s by 2.7 percent, and Enfield’s by 2 percent.
It’s also worth taking these stats with a pinch of salt – back in October we reported on the five London postcodes where rent is rising the fastest, and Kensington topped the list, which is based on annual increases.
The London boroughs with the biggest rent decreases
- Wandsworth (-5.9 percent)
- Hammersmith, Fulham, Kensington and Chelsea (-4.3 percent)
- Westminster (-3.9 percent)
- Tower Hamlets (-3.1 percent)
- Bexley and Greenwich, Lambeth (-2.7 percent)
- Hackney and Newham (-2.1 percent)
- Lewisham and Southwark (-2 percent)
- Haringey and Islington (-1.8 percent)
- Hounslow and Richmond upon Thames (-1.1 percent)
More on renting in London at Time Out
From the postcodes with the fastest rising rent to the most in-demand neighbourhoods, we bring you all the latest info on navigating the capital’s chaotic rental market. Why not take a look at our eight tips to make the whole thing less of a nightmare, or how Londoners are taking rent to the extremes.
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