"Whilst 2024 may have been an uncertain year for the London housing market, the capital’s rental market continued to experience huge demand from tenants"
- Marc von Grundherr - Benham and Reeves
The latest internal data release from London lettings and estate agent, Benham and Reeves, has revealed which areas of the London property market saw the most consistent rental growth in 2024, with Shoreditch, Canary Wharf and Ealing topping the table.
The data from Benham and Reeves looks at the monthly rate of rental price growth across each of its London offices and the average monthly rate seen throughout 2024.
The figures show that across London as a whole, the average rent climbed by 4.3% per month over the last year.
Shoreditch saw the highest average monthly rate of growth, with rents climbing by 6.6% per month in 2024.
Canary Wharf and Ealing both saw average monthly rental growth increase by 5.9% per month, whilst Kew (5.8%) and Hampstead (5.7%) also ranked within the top five strongest rental markets.
Across Knightsbridge, rents also increased by more than five per cent a month on average last year (5.5%), with Hyde Park (4.7%), Kensington (4.6%), Surrey Quays (4.4%) and Hammersmith (4.1%) completing the top 10.
White City saw the weakest level of rental market growth in 2024, but despite this, the area still saw rental values increase by a respectable 2.2% per month on average.
“Whilst 2024 may have been an uncertain year for the London housing market, the capital’s rental market continued to experience huge demand from tenants and we’ve seen the rents achieved across all of our offices trend upwards over the course of last year," noted Director of Benham and Reeves, Marc von Grundherr, adding "Much of this has been due to domestic demand but foreign interest continues to play a significant role.
"Not only are we seeing a high demand from international students, but also a great deal of families looking to relocate to the UK, utilising the rental market to try before they buy in their neighbourhoods of choice,” he concluded.
