UK & London rental market update Spring 2024

Apartment block

Demand in the UK rental market hit new highs in 2022 and early 2023. It is now moderating, but is still higher than pre-pandemic averages.

Highlights

  • Rental demand easing from record highs, and supply starting to rise
  • Rental growth expected again this year, but at a lower rate than 2022 and 2023
  • Cluttons forecasts +2.5% rental growth in prime London this year
YearUK House PricesPrime London PricesPrime London Rents
2023-2.3%-1.1%+4.4%
2024+1.0%+0.0%+2.5%
2025+4.0%+3.5%+3.0%
CLUTTONS

UK rental market

Demand in the UK rental market hit new highs in 2022 and early 2023, and is now moderating, but is still higher than pre-pandemic averages. Supply of rental properties, which has been very constrained, is beginning to loosen slightly – although the overall lack of supply remains a key factor in the market. However, the supply/demand imbalance is beginning to narrow, and this means that the very strong rental growth registered in recent years will not be continued. Affordability is also playing a part in slowing rental growth, with more evidence that rental properties have hit their rent ceiling. As wage growth slows into 2024, affordability concerns will continue to put downward pressure on rental growth.

New data from Zoopla shows that the number of rental properties where the asking rent is being cut by 5% or more has risen to the highest level in at least five years.

The official rental data from the ONS, which includes new lets agreed as well as continued tenancies, shows how rental growth is now plateauing, rather than continuing to climb.

Graph of UK rental growth in Cluttons' Spring 2024 residential market update

When it comes to new lets being agreed, the latest data from Zoopla shows that rental increases are still in double digits in most regions, but this still marks a slowdown from a year ago, and these rental rises will slow further during 2024.

Map demonstrating the annual change in rents for new lets year to October 2023 in Cluttons' Spring 2024 residential market update

London & Prime London rental market

Just as rental growth is easing across the UK market, so too it is slowing across the London and prime London markets. Official data signals that rental growth peaked at 6.9% in November, falling to 6.8% in December in the London market.

In prime London, rental growth peaked in September 2022, and the annual rate of growth has been easing since then, to 4.4% in Q4 2023. On a monthly basis, prime rents fell in December, the first monthly decline since March 2021 when the central London rental market slumped during consecutive lockdowns. For context however, average prime London rents are 17% higher than they were at the start of the pandemic (March 2020).

Graph of annual change in Prime London rents in Cluttons' Spring 2024 residential market update

More detailed data shows that smaller flats are registering higher rental growth than houses, reflecting the larger demand pools for properties with lower headline rents. It may also be a reflection of rising supply in houses – especially where potential vendors are looking to rent out their property while they wait for the sales market to pick up momentum. Agents report an increasing trend of vendors looking to value their property for sale and rental. As the sales market recovers this year and next, some of these properties may again leave the rental market.

As outlined in our forecasts, rents will continue to rise in the prime London market this year, but at a more modest rate than the last two years.

Graph of annual change in Prime London rents in Cluttons' Spring 2024 residential market update

The information provided in this report is the sole property of Cluttons LLP and provides basic information and not legal advice. It must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Cluttons LLP. The information contained in this report has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. Cluttons LLP does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

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Gráinne Gilmore

Director of research and insights

Head office

T +44 (0) 20 7408 1010
Gráinne Gilmore, director of research & insights, Cluttons
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Einar Roberts

Partner, residential consultancy

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T +44 (0) 7889 634 033
Einar Roberts
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James Hyman

Partner, head of residential agency

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T +44 (0) 20 7407 3669
James Hyman, head of residential agency, Cluttons
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Neil Duffy

Partner, residential valuations

Head office

T +44 (0) 7941 271 822
Neil Duffy
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UK development review Q2 2021

Housebuilding in Q2 continued in line with pre-pandemic trends at national level. London saw stronger performance, boosted by the improving lettings market driving a recovery in activity in the Build to Rent sector.
UK rental review Q2 2021
Research

UK rental review Q2 2021

Rents hit record highs again in Q2 at national level and, while the split between London and other regions continued, there were signs that demand in city centres is recovering.
UK sales review Q2 2021
Research

UK sales review Q2 2021

At national level the sellers’ market continues, with high demand and relatively low supply pushing up prices and turnover. Most of the benefit of the stamp duty holiday has gone, but other factors such as higher levels of savings, low interest rates, and lifestyle re-evaluation continue to drive activity.
What is the future of Prime Central London?
Research

What is the future of Prime Central London?

Prime Central London has had to adapt and evolve to meet the changing needs of the rich and famous for hundreds of years. It now faces new challenges – not just thanks to Brexit and the immediate impacts of the global pandemic – but also longer-term issues like changing lifestyle preferences and climate change.
Prime Central London’s global demand & local markets
Research

Prime Central London’s global demand & local markets

Prime Central London attracts people from across the world, with demand for homes reflecting global political and economic trends. But local factors are also important. Each sub-market of Prime Central London has its own appeal to different people.
What is Prime Central London?
Research

What is Prime Central London?

There is no single definition of Prime Central London, and it continues to change and evolve depending on the demands and fashions of the time. Prime Central London has seen huge change since it emerged from the fields and marshes of the 18th century.
The evolution of Prime Central London report
Research

The evolution of Prime Central London report

The evolution of Prime Central London report is the first of Cluttons’ series of new research looking at the opportunities and challenges facing the UK’s housing market. We start our series by focusing on Prime Central London.
Webinar: How is Prime Central London residential evolving?
News

Webinar: How is Prime Central London residential evolving?

As we near the pandemic recovery period, our expert panel discusses what trends will continue and are they set to alter the boundaries of Prime Central London residential as we know them?
Top tips for first-time home buyers
Blog

Top tips for first-time home buyers

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Portugal’s Golden opportunity
Blog

Portugal’s Golden opportunity

Following the UK’s departure from the EU, Cluttons’ Portugal have seen a spike in interest from UK citizens looking to take advantage of the country’s popular Golden Visa.
Forecasts & outlook Q1 2021
Research

Forecasts & outlook Q1 2021

UK house price growth is likely to slow in the second half of the year as the Stamp Duty holiday reaches its end and government support schemes are withdrawn. Rents in Prime Central London are expected to bounce back slightly this year after a very poor 2020. Next year could see strong growth for both sales and rental values as the London economy, and its global connections, get back closer to normal.
Wider South East Q1 2021
Research

Wider South East Q1 2021

The wider South East saw strong house price growth in Q1, and the average time taken to rent a property reached record lows. The pandemic may be impacting the locations people choose, perhaps leaving traditionally popular commuter towns overlooked.
Prime Central London Q1 2021
Research

Prime Central London Q1 2021

Prime Central London sales values continued to fall in Q1, but transaction numbers and stock levels were up on the same period last year which suggests increased confidence in the market. The rental market is still weak, but sentiment has improved relative to late last year.
Greater London sales & rental review Q1 2021
Research

Greater London sales & rental review Q1 2021

Annual house price growth is positive in Greater London, at above 4%. But transaction levels are below their long-run average and rental growth is negative. Leading indicators show the capital underperforming the rest of England on all three metrics.
Residential development Q1 2021
Research

Residential development Q1 2021

K residential development output appears to have fully recovered, albeit recent activity has not made up for the drop in supply in Q2 2020. New build sales and development activity in London remains slow, but agents and developers are positive about the longer-term outlook.
UK rental review Q1 2021
Research

UK rental review Q1 2021

The UK lettings market started 2021 in robust fashion, with sentiment in Q1 pointing towards higher demand and price growth. There is, however, growing evidence of a potentially significant problem with arrears in the private rented sector.
UK sales review Q1 2021
Research

UK sales review Q1 2021

A year on from the first lockdown and the UK housing market continues to defy the negative economic news, with values up again in Q1 and activity remaining strong. On an annual basis prices are up 5.7% according to the Nationwide index, and mortgage approvals in February were 20% higher than the same month a year ago.
Cluttons hires Scott Joseph as head of Hyde Park office
News

Cluttons hires Scott Joseph as head of Hyde Park office

London May 2021 – Cluttons, the property consultancy, has appointed Scott Joseph to head up their Hyde Park residential sales and lettings office.
Understanding Portugal’s Golden Visa for British Buyers
News

Understanding Portugal’s Golden Visa for British Buyers

Following the UK’s departure from the EU, Cluttons’ office in Portugal has seen a spike in interest from UK buyers looking to take advantage of the country’s popular Golden Visa program.
International virtual tour: Campo de Ourique, Lisbon
Blog

International virtual tour: Campo de Ourique, Lisbon

Allow us to set the scene; you’ve had a long day exploring the local delights. You arrive home to your beautiful villa and head straight up to the balcony to relax with a chilled glass of Porto wine.
UK economic outlook Q4 2020
Research

UK economic outlook Q4 2020

The restrictions due to the second lockdown – the so-called ‘circuit-breaker’ – caused a further fall in GDP in November, 2.6% below the previous month. On an annual basis, output has fallen 8.9%, and is currently 8.5% below the pre-pandemic level (February 2020).
Forecasts & outlook Q4 2020
Research

Forecasts & outlook Q4 2020

The table below shows Experian’s latest house price forecasts for Cluttons, all based on their latest central economic scenario of GDP returning to end-2019 levels in early 2023 – this is a slower recovery than expected last quarter.
Is your home at risk of flooding?
Blog

Is your home at risk of flooding?

Flooding can be devastating; it can destroy properties and within it, precious possessions and memories. At the end of last year, the Environment Agency shared that at any given time 5.2 million homes and businesses are at risk of flooding across England.
Prime Central London Q4 2020
Research

Prime Central London Q4 2020

There were further decreases for sales values and rents in Q4, according to Cluttons Prime Central London Index, shown in Figure 1. Although the pace of quarter-on-quarter decreases slowed, the annual falls reached 13.2% for sales and 17.8% for rents.
Wider South East Q4 2020
Research

Wider South East Q4 2020

The wider South East saw strong price growth in Q4, in line with the performance of the UK market, according to the Nationwide indices.
London development Q4 2020
Research

London development Q4 2020

Q4 was a slower one for new build sales and development activity in London, with all three main metrics lower than Q4 2019, according to the latest data from Molior, shown in Table 1. Molior’s January report noted distinct patterns of behaviour across 2020’s four quarters, not all driven by the pandemic.
Greater London sales & rental review Q4 2020
Research

Greater London sales & rental review Q4 2020

In terms of sentiment 2020 was a case of London vs. the rest, with stories of buyers keen to move to larger homes in the country now they can, or must, work from home and avoid the commute.
England residential development Q4 2020
Research

England residential development Q4 2020

Q4 saw the residential development sector try to make up lost ground from the first lockdown, partially succeeding.
UK rental review Q4 2020
Research

UK rental review Q4 2020

After much volatility in Q2 and 3, sentiment in the national lettings market (outside London) settled back towards pre-pandemic trends in Q4, despite continuing lockdown restrictions.
UK sales review Q4 2020
Research

UK sales review Q4 2020

UK house prices finished a volatile year over 5% up on where they started, according to the main indices (+7.3% Nationwide, +6.0% Halifax).
Connectivity: how big an impact will it have on residential property transactions in 2021?
Blog

Connectivity: how big an impact will it have on residential property transactions in 2021?

Whilst good connectivity has always been a factor in the property decision-making process (no one wants their streaming to be interrupted by constant buffering), it is becoming increasingly important to home hunters in the UK.
A home from home: working from abroad
Blog

A home from home: working from abroad

Has lockdown made you consider working from abroad?
Don’t let flooding turn off the lights
Opinion

Don’t let flooding turn off the lights

It is not only the direct risk of flooding which can impact your home or business, it is also the indirect impact of flooding at critical infrastructure sites that can put you in the dark.
8 tips for new landlords
Blog

8 tips for new landlords

Cluttons’ Tower Bridge and Islington lettings expert, Chris Morris, shares his top tips for those who are thinking of renting out their properties
London residential: what’s happening on the ground?
Opinion

London residential: what’s happening on the ground?

2020 has been a roller coaster ride for the UK economy and residential property markets. When the March lockdown and a temporary shutdown of the housing market was announced, predictions were catastrophic.
London residential: what’s happening on the ground?
News

London residential: what’s happening on the ground?

2020 has been a roller coaster ride for the UK economy and residential property markets. When the March lockdown and a temporary shutdown of the housing market was announced, predictions were catastrophic. However, changes in consumer behaviour and Government incentives have contributed to a surprising bounce back for some markets.
UK residential sales review Q3 2020
Research

UK residential sales review Q3 2020

strong summer, defying the economic weakness caused by the COVID-19 lockdown and continuing restrictions. The third quarter of 2020 saw recovering activity levels and price increases, according to the main indicators.
6 tips for selling your property quickly in the current climate
Blog

6 tips for selling your property quickly in the current climate

Do you want to be in your new home by Christmas or the New Year? James Hyman, head of residential sales at Cluttons, gives his advice to sellers wanting to speed up the sales process of their property.
London development Q3 2020
Research

London development Q3 2020

Activity levels in the London development market bounced back strongly in Q3 across all three main metrics (starts, completions and sales), according to Molior data as shown in Table 1. This suggests the impact of lockdown was short-lived and contained to the previous quarter.
Greater London sales & rental review Q3 2020
Research

Greater London sales & rental review Q3 2020

Much of the commentary around London property in the pandemic has suggested that increased working from home and a desire for more space – particularly gardens – could really reshape the market as people and businesses abandon the city.
UK development overview Q3 2020
Research

UK development overview Q3 2020

We saw last quarter that residential development activity quickly recovered to pre-pandemic levels once sites were able to open up again.
Forecasts & outlook Q3 2020
Research

Forecasts & outlook Q3 2020

Experian’s latest house price forecasts for Cluttons are shown in the table below, based on their central economic scenario of a ‘delayed V-shape’, which sees UK GDP recover to pre-pandemic levels at the start of 2022.
Prime Central London Q3 2020
Research

Prime Central London Q3 2020

The Cluttons Prime Central London Index, shown in Figure 1, reported that sales values in PCL were 8.4% lower in Q3 2020 than a year earlier, the seventeenth consecutive quarter of annual price falls.
UK economic outlook Q3 2020
Research

UK economic outlook Q3 2020

The economic data reported since our last update appears to have finished off any hopes of a ‘V-shaped’ recovery.
UK rental review Q3 2020
Research

UK rental review Q3 2020

The national lettings market continued its post-pandemic recovery in Q3, apart from in London where high supply and low demand continued to put downward pressure on rents.
Wider South East Q3 2020
Research

Wider South East Q3 2020

tracking the national average for several years, whereas London has seen more volatility, according to the Nationwide indices.
Property of the month: peek inside this five storey riverfront house for sale in Rotherhithe for £1.75m
Blog

Property of the month: peek inside this five storey riverfront house for sale in Rotherhithe for £1.75m

Join us as we peek inside a charming riverfront home in Rotherhithe Village, with extensive outside spaces and inimitable views of the Thames and some of London’s most famous landmarks.
Bankside buzz is drawing in investors
Blog

Bankside buzz is drawing in investors

Bankside has it all – a central location, growing transport links, a lively cultural scene and a burgeoning reputation as a business hub, making it a safe bet when investing in property.
Royal-tea: tour Queen Elizabeth’s 1949 Maltese home from the comfort of your couch
Blog

Royal-tea: tour Queen Elizabeth’s 1949 Maltese home from the comfort of your couch

Cluttons’ Maltese associate partner, Dhalia, has collaborated with Heritage Malta to grant exclusive access to some of the country’s most awe-inspiring locations.
Forecasts & outlook Q2 2020
Research

Forecasts & outlook Q2 2020

PCL values set to bounce back next year but UK recovery delayed until 2022. Will Brexit and potential tax reform throw things off course?
Wider South East Q2 2020
Research

Wider South East Q2 2020

Stamp Duty holiday and desire for space see interest rise across wider South East.
UK rental review Q2 2020
Research

UK rental review Q2 2020

Rental market bounces back but outlook is mixed as increases in remote working and studying could limit demand in some sectors.
Greater London sales & rental review Q2 2020
Research

Greater London sales & rental review Q2 2020

London’s rental market set to struggle while buyer demand remains robust despite stretched affordability – and is given further boost by Stamp Duty holiday.
Prime Central London Q2 2020
Research

Prime Central London Q2 2020

Rental and sales values dip across all Prime Central London areas but activity continues where buyer and seller expectations are aligned.
London development Q2 2020
Research

London development Q2 2020

Sales and construction hit by pandemic in Q2 but latest completions data is more positive.
UK economic outlook Q2 2020
Research

UK economic outlook Q2 2020

Slow initial recovery and scale of government support suggest difficult time ahead for economy.
UK development overview Q2 2020
Research

UK development overview Q2 2020

Housebuilding sites reopen and developers get boost from increased planning flexibility.
UK sales review Q2 2020
Research

UK sales review Q2 2020

Early indicators suggest post-lockdown surge for sales market, but how long can it be sustained?
Prime Central London review Q1 2020
Research

Prime Central London review Q1 2020

Initial research suggests activity in Prime Central London (PCL) will be particularly affected by COVID-19, but discretionary buyers and sellers may help the market recover quicker than other parts of the UK.
Residential London review Q1 2020
Research

Residential London review Q1 2020

As COVID-19 stalls sustained price growth in Greater London, we review recent data indicating already decelerating growth in high-value locations.
UK residential forecast Q1 2020
Research

UK residential forecast Q1 2020

The extent and duration of the health and economic crises caused by COVID-19 are still unknown, casting a shadow over the economy.
UK Home Counties review Q1 2020
Research

UK Home Counties review Q1 2020

Sales market sees values across all counties close to flat over the past year, with activity slightly down overall.
London residential development Q1 2020
Research

London residential development Q1 2020

The pandemic introduces additional risks to the Central London new build market, on top of its general impact.
UK residential development review Q1 2020
Research

UK residential development review Q1 2020

As many sites’ shutdown at the start of lockdown, new build development is subject to the twin effects of an uncertain economy and the physical disruption.
UK rental review Q1 2020
Research

UK rental review Q1 2020

As new landlord instructions and rent expectation figures drop to their lowest ever levels, how will rents be impacted later in the year?
UK economic outlook Q1 2020
Research

UK economic outlook Q1 2020

Initial data measuring the economy post-shutdown suggested a large impact. But as the Coronavirus pandemic continues, the Government’s unprecedented response gives hope that that the outcome will be better than initially expected.
UK residential sales review Q1 2020
Research

UK residential sales review Q1 2020

At the end of 2019, the UK’s housing markets were starting to emerge from a long period of ‘wait and see’. By January, UK sales expectations were the highest they’d been since the end of 2015. But before the quarter ended, COVID-19 brought transactions levels to an immediate halt. Here, we assess the potential impact on housing throughout the rest of the year.
New permitted development rights for homeowners to build upwards
Opinion

New permitted development rights for homeowners to build upwards

Changes in permitted development rights announced by the government will allow upward extension on purpose-built residential buildings to create new homes without the need for planning permission.
Cluttons welcomes Ofcom’s plans to accelerate fibre rollout
News

Cluttons welcomes Ofcom’s plans to accelerate fibre rollout

Charles Thomas, head of fibre networks at Cluttons, the property consultancy and market leading adviser to the largest mobile operators and fixed-line providers, said:
Cluttons hires new head of portfolio and lettings management
News

Cluttons hires new head of portfolio and lettings management

Cluttons has hired Eve Larard-Tansley has head of portfolio and lettings management.
Cluttons hires development and planning head
News

Cluttons hires development and planning head

Cluttons has hired Steve Cooper as head of development and planning with a remit to grow this area of expertise as part of the business’s strategic plan.
Victoria Martin proves resi is relevant at EG’s Future Female Leaders
News

Victoria Martin proves resi is relevant at EG’s Future Female Leaders

Twelve women who work across property joined forces with EG and Ginger Public Speaking as part of the Future Female Leaders programme.
Cluttons expands its property management team with new hire
News

Cluttons expands its property management team with new hire

Cluttons, the property consultancy, has appointed Claire Collins as head of block management, further strengthening its London-based property management team.
Residential market outlook, September 2019
Research

Residential market outlook, September 2019

Price corrections leading to an increase in buyer enquiries.
Residential market outlook June 2019
Research

Residential market outlook June 2019

Brexit continues to dominate the headlines. Resilient buyers sought to close deals across the capital before the 29 March deadline, others are watching and waiting for a clarity and certainty that, despite the extension, remains elusive.
Cluttons market leaders in unique homes
News

Cluttons market leaders in unique homes

The award-winning team at Cluttons explains why they are market leaders in finding the right buyer for spaces with a story to tell.
London residential market outlook winter 2018/19
Research

London residential market outlook winter 2018/19

Cluttons has released its Winter 2018/19 Residential Market Outlook report.
Autumn budget 2018
Research

Autumn budget 2018

The Chancellor unveiled the 2018 Autumn Budget on 29 October, the last before Britain officially leaves the EU in March next year. In our response document, we present our view on some of the key announcements.
London residential market bulletin summer 2018
Research

London residential market bulletin summer 2018