The average rent in London has reached £2,121 per month, reflecting a 4.2% increase over the past year. While still the priciest rental destination in the UK, growth has notably decelerated compared to previous months, with a decrease from last month’s 6.4% and a significant drop from the 14.8% seen a year ago.

This moderation in rental growth suggests that London’s rental market is approaching an affordability threshold. Despite this, Inner London boroughs like Kensington and Chelsea, the City of Westminster, and Camden continue to command higher rents, albeit with slower growth rates ranging between 1% and 4%.

Conversely, the borough of Bexley boasts the lowest average rent in London at £1,520 per month. However, even in these more affordable areas on the outskirts, rental prices are escalating rapidly.

London’s rental landscape remains starkly contrasted with the rest of the UK, with average rents nearly double the national average of £1,220. Yet, while London’s rental inflation has tapered off to 4.2% over the past year, the UK-wide growth stands at a higher 7.2%.

As rental dynamics continue to evolve, prospective renters can explore available properties in London to find suitable options amidst this shifting market landscape.