05/05/2026
London rents just had their steepest annual fall we've recorded.
April rental values down 10.9% year on year, accelerating from March's 7.6% decline. A quick read from properties letting right now.
April is usually one of the busiest months in the London lettings calendar. Previous years recorded 67, 62 and 40 enquiries per property in 2023, 2024 and 2025. April 2026 came in at 29, down from 30 in March, 32 in February and 36 in January. A clear break from the seasonal pattern, but still more than double the Rightmove average of 12.
Affordability is doing the heavy lifting. With rents close to 11% down year on year, landlords are pricing more realistically to secure the right tenants quickly.
The picture matches wider national trends. Zoopla's latest UK Rental Market Index points to weakening demand, improving supply and slower rental growth, with lower migration and a stronger first time buyer market cited as drivers. What our April data adds is that this rebalancing is happening more sharply at the new-let end of the London market, where rents had run furthest ahead of affordability.
The Renters' Rights Act is in force from today. Our full RRA resources, including our recent webinar with Suzanne Smith of The Independent Landlord: hello-neighbour.com/renters-rights-home
Full April update on the blog: hello-neighbour.com/insights/hello-neighbour-insights-london-rental-prices-down-10.9-in-apr-26