London's private rental market is in freefall. Average monthly rents have crossed £2,800 for the first time, while the number of available properties has fallen to its lowest level since records began in 2007. Estate agents report five-figure bidding wars for ordinary two-bedroom flats in zones two and three.
The collapse in supply has been driven by a mass exodus of landlords responding to higher mortgage costs, tighter regulation and the prospect of further reform under the Renters' Rights Bill. Industry data suggests that more than 120,000 privately rented homes have left the sector in London alone since 2022.
Housing charities warn that the crisis is driving key workers, young families and low-income renters out of the capital entirely, with profound consequences for the city's economic and social fabric.