Rents in prime central London were down 8.1% in September, compared to the previous year, according to a report Thursday by Knight Frank.

In addition, rents in prime outer London saw a year-over-year decline of 6.9%, the U.K. estate agency found.

“The combination of relatively high levels of supply, which accumulated during and since the market lockdown, and weaker demand has led to the largest annual falls in more than a decade,” according to the report.?

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Travel restrictions due to the Covid-19 pandemic have led to weaker demand from students, corporate tenants and other would-be renters, Knight Frank found. At the same time, the pandemic has caused many people to leave their city rentals, resulting in increased supply.

Outside the city, that’s translated into slightly higher rents.

Across the U.K., rental values were up 1.5% in August compared to the previous year, according to data from the U.K. Office for National Statistics.

Rents are expected to continue to decline in the city this year, with prime central London seeing a 9% decline for 2020 and prime outer London down 8% in the same time period, according to Knight Frank’s predictions. Throughout the U.K,, rental prices are set to rise 2%.

Things could turn around next year, however.

“As levels of supply and demand begin to normalize, rental-value growth should return in 2021,” the report said. “Demand will also be boosted should uncertainty around the economic impact of the pandemic continue to grow.”

Rents could be up 3% in 2021 in central and outer London and the rest of the U.K, according to the report. By 2024, rents in London could see a 4% rise, while they may spike as much as 11% outside the city, Knight Frank predicted.

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