London prime rents recover from Covid

Prime rents in London have risen by 26.4% over the past year, according to Knight Frank's latest prime global rental index. Of the world's big cities, only New York, where rents have jumped by 38.5%, has seen a bigger increase. On average, prime rents worldwide have risen by 11.9%, the biggest annual increase since 2010. Prime central London rents are back to their levels before the coronavirus pandemic began, after falling by as much as 15% during the Covid outbreak. The rebound has been brought on in part by the return of "workers, international students and corporate tenants to the prime end of the market". However, rents have been pushed higher by a dearth of supply, with prime central London properties available to rent down by 73% compared with a year ago.

The Times