Competition from the construction of around 20,000 new homes in London’s Nine Elms district is pushing down the cost of renting, data from LonRes show.
Rents per square foot were 5.2% lower on the year in the first quarter. The decline was smaller for new developments, at 2.6%.
Anecdotal evidence indicates pressure is being put on tired rental stock, Marcus Dixon, head of research at LonRes, said.
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