Rents in Prime London are still rising rapidly and the number of new lettings is limited thanks to the lack of stock available to rent, says LonRes. 

Average rents across Prime London rose 28.3 per cent in the year to May 2022.  

This high level of growth partly reflects the bounce back in rents following the fall recorded last year but rents have now risen beyond their pre-pandemic highs.

There are some signs that rental growth may ease in coming months but the lack of stock available to rent is likely to sustain current levels. 

The number of new instructions was 50 per cent lower than the pre-pandemic average as tenants choose to renew existing tenancies and properties are re-let without ever hitting the market.  

The lack of stock continues to limit the number of new lets, down 60 per cent on 2017-19 levels.