Rent in London’s poshest postcodes down for the first time in four years
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Rents in London's most prestigious neighborhoods have declined for the first time in over four years, with a 0.6% year-on-year drop in December, according to LonRes. This decline is attributed to a 36.6% increase in market supply, easing pressure on rental prices. The number of rental contracts agreed rose by 16.9%, while instructions to let surged by 59%. Despite the drop, average rental values remain 31% higher than pre-pandemic levels, indicating a shift in the rental market dynamics.
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