Rental searches surges in Zones 1 & 2 as renters seek return

Rightmove logo
  • There are signs renters are taking advantage of falling prices by planning a move to Zones 1 &  2, with searches on Rightmove doubling in areas like Nine Elms, Battersea, and Clapham
  • All of Rightmove’s top 10 latest rental hotspots are in Zones 1 & 2, a stark contrast to last August’s rental searches, when eight of the top 10 hotspots were outside of Zone 2
  • On average the top ten London search areas have seen a fall of 15% in asking rents over the past year

 

There are signs more renters are planning to rent in Zones 1 & 2 as falling prices give people the chance to relocate now before rents rise again, according to new data out today from the UK’s biggest property website Rightmove.

Our latest study, which analysed over 23 million London searches, reveals that annual searches for rental homes in areas of Zones 1 & 2 have jumped significantly.

Nine Elms in Wandsworth has seen the biggest annual rise in rental searches in the capital, up 126%, with average asking rents in the area now at £2,802 per calendar month, down 15% compared to a year ago.

Next up is another Wandsworth location – Battersea – which has also seen rental searches more than double over the past 12 months (+111%), followed by Clapham Common (+109%).

Rightmove’s data analysts suggest this highlights a growing trend of people wanting to move back to urban hubs.

All of Rightmove’s top 10 latest rental hotspots are within Zones 1 & 2. This is in stark contrast to last August when renters searching in the capital were home-hunting in the outer zones.

Chessington topped the list in August, and all but two of the top 10 hotspots were located in Zone 3 and beyond.

Rightmove’s data last summer reflected a shift in people wanting to move to areas with quieter transport links as office-based working and rail commutes became less frequent.

However, the tide appears to be turning, with annual growth of rental searches in Inner London now outperforming last summer’s search activity.

For example, last August Canary Wharf ranked 203rd in terms of annual growth in rental searches (+20%), but the urban hub has now moved up the rankings to 8th place, with annual search growth of 89%.

 

Rightmove’s Director of Property Data Tim Bannister said:“Last year we identified a clear trend of renters moving out to quieter parts of Greater London as the allure of life in the city centre became less appealing during lockdown. However, with the prospect of some kind of normality potentially on the horizon, it appears that the capital’s renters are now looking to return to Inner London, and making the move now to take advantage of the lower rents. Our list of London’s top rental hotspots is dominated by locations in Zones 1 and 2 and that represents a significant shift in search behaviour.”

 

Agents’ views

Lucy Pendleton, co-founder at James Pendleton in Southwest London, said: “We’ve undoubtedly seen renewed interest from renters looking to move to places across Nine Elms and Battersea. This part of London is a great place to live and there are lots of little pockets of communities that cater for everybody’s taste. It’s a really vibrant, busy part of the capital that – especially in normal circumstances – has a brilliant social scene and also plenty of green spaces given how close we are to the heart of the city. There were lots of people who thought that London would turn into a ghost town over lockdown, and yes, some people have moved further afield but that migration happens every year.

“It’s motivated by a change in lifestyle and predominantly because of growing families wanting to be near certain schools. However, in terms of lettings revenue, we’ve now surpassed where we were at this stage in 2019 and 2020 – so people still do want to live in the city. I’m sure that working patterns will continue to evolve, as they have done over the past year or so, and that may mean more home working than before, but once pubs and bars and the rest of that industry reopens, I expect we’ll continue to see interest increase even further.”

Glynis Frew, CEO of Hunters Estate Agents, added: “Despite short term uncertainty and some people moving out of London temporarily, the fact is that most young professionals want to be amongst the buzz of the city – it’s the reason they moved here in the first place. With the vaccine providing light at the end of the tunnel now, many will be planning their next move as life starts to return to normal and their places of work start to open up again. The Battersea Power Station transformation is almost complete and with the Northern Line extension set to finally open this year, it is little surprise that Nine Elms and Battersea are hot prospects, particularly given their proximity to the Thames and open green spaces.”

Top 10 biggest annual increases rental searches in London in February 2021 and change in asking rents:

Place Borough Annual % change in rental searches Annual change in average monthly rent (pcm) Avg rent Feb 2021 (pcm) Avg rent Feb 2020 (pcm)
Nine Elms Wandsworth 126% -15% £2,802 £3,296
Battersea Wandsworth 111% -10% £2,569 £2,854
Clapham Common Lambeth 109% -3% £2,071 £2,135
Clapham Lambeth 97% -11% £2,305 £2,590
Rotherhithe Southwark 93% -15% £1,644 £1,934
Hyde Park Westminster 92% -30% £2,346 £3,351
Primrose Hill Camden 89% -12% £2,609 £2,965
Canary Wharf Tower Hamlets 89% -16% £1,974 £2,350
Canonbury Islington 89% -16% £1,930 £2,298
Notting Hill Kensington and Chelsea 86% -19% £2,881 £3,557

Top 10 biggest annual increases rental searches in London in August 2020:

Place Borough Annual change
Chessington Kingston Upon Thames +99%
South Norwood Croydon +83%
Barnet Barnet +70%
Colindale Barnet +67%
Barnes Richmond Upon Thames +64%
Muswell Hill Haringey +61%
Kingston Kingston upon Thames +59%
Winchmore Hill Enfield +59%
Hackney Wick Hackney +58%
De Beauvoir Town Hackney +58%

 

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Housing sales end 2024 on a high, but buyers more cautious about how much to pay for homes as mortgage rates drift higher

Buyers and sellers returned to the market over 2024 building a sales pipeline 30 per cent larger than a year ago with 283,000 homes worth £104bn progressing to a sale in 2025. This is the largest end of year total value for four years. House prices have returned to growth with the average house price…
Read More
Breaking News

£21 million to live on UK’s most expensive street

· Knightsbridge in London now the priciest UK street · The UK’s 10 most expensive streets all in the capital, with an average price tag of £16.5 million · East Road in Weybridge the most expensive address outside of London · Priciest UK properties are 60 times more than a typical home Lloyds has revealed…
Read More
Breaking News

Breaking Property News 20/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why estate and letting agents must embrace innovative technology in 2025   As we step into 2025, the UK property market continues to shift, and estate agents face mounting pressure to meet the evolving expectations of buyers and sellers. The days when static images sufficed…
Read More
Breaking News

Breaking Property News 19/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   High street Auctions’ initiative launches to revive Britain’s town centres   This month the UK Government rolls out its highly anticipated ‘High Street Auctions’ scheme, a flagship measure of the Levelling Up and Regeneration Act 2023. This initiative grants local authorities the power to take…
Read More
Estate Agent Talk

Moving Up In The World: Finding Your Dream Home

Finding your dream home is one of life’s most exciting and transformative experiences. Whether you’re looking to upsize, relocate, or finally purchase that ideal property you’ve always envisioned, the journey is both thrilling and filled with important decisions. As you embark on this path, it’s essential to plan carefully, consider your priorities, and approach the…
Read More
new build home fronts
Breaking News

These cities are the keenest to move house in 2025

Bournemouth is the keenest area in the UK to move home, with 38,132 average monthly searches for moving-related topics per 100,000 residents. Plymouth is second, with 35,198 average monthly searches for moving, and Birmingham is third, with 35,181. Derry is the least keen area to move house, with only 3,170 average monthly searches related to…
Read More