Have rent rates in London dropped?

According to new research conducted by RightMove, London asking rents are now lower by 0.6% than this time last year. Figures shared with The Guardian show that rental asking prices are down by 8% since February alone in zone 2 of the capital (Hackney, Brixton, Camden Town, Finsbury Park, Hammersmith and others). The article also reports that SpareRoom announced its figures show London rents are down 7%.

Rightmove attributed the fall to a 41% increase in rental stock, following a surge in vacant holiday lets, like Airbnb properties, being repurposed as long-term rentals.

Renting in London: is now a good time to rent a new flat?