Private rents in London have fallen by as much as 20% in some parts of the capital, fuelled by fall in international student numbers, short lets flooding the market and an exodus of tenants to the suburbs.
London rents slid by 3% during the first half of 2020, driven by lockdown and a changing UK rental market.
Renters ‘more vulnerable’ to economic shocks as landlords told to brace themselves for long term uncertainty
Renters are in a more vulnerable financial position than homeowners and are more likely to suffer during an economic crisis, new research has found.
The coronavirus crisis has had far reaching effects on people’s incomes. In a bid to mitigate the pressure on people, the government announced in March that mortgage holders would be entitled to a so-called ‘payment holiday’ in the wake of job losses and wage cuts.
Landlords will be banned from evicting tenants during the coronavirus “national emergency” after the government rushed through legislation to help renters who may face financial difficulties as a result of the Covid-19 outbreak.