The JLL Rental Index reports average rents and agent sentiment within London, across the following JLL office patches: Finsbury Park, Wood Green, Nine Elms, City, Canary Wharf, Greenwich, Stratford and Kew.
Market summary - Q1 2026
- Average rents across JLL’s eight London offices rose 2% annually in Q1 2026.
- Greenwich and Canary Wharf recorded the highest annual rental growth in Q1, at 4%.
All offices have reported an increase in lease renewals in the first three months of the year. The City is the only office patch which has reported no change in lease renewals over a 12-month period.
Rising levels of supply and softening tenant demand have defined the London lettings market over the past twelve months. In turn, landlords have found themselves in a more competitive environment, putting downward pressure on rental growth across the capital.
Average rents across JLL's London offices rose by 2% annually in Q1 2026, with Greenwich and Canary Wharf outperforming, recording growth of 3.7% and 3.8% respectively.
We have seen a clear shift in tenant behaviour over the past two years; properties are taking longer to let, and renewal rates have risen as tenants choose to stay put rather than move, in order to avoid higher rents. Meanwhile, we expect some landlords to exit the rental market in the coming months prompted by the Renters’ Rights Act and higher taxation. However, we do anticipate the traditional spring and summer uptick in home mover activity to provide some opportunity for rental growth in the coming months.
In markets such as Finsbury Park, higher levels of supply have limited rental growth over the past year, while strong demand across The City and Canary Wharf have kept rents stable – a trend we expect to continue over the next two quarters as we see students and graduates securing homes for the 2026/27 academic year.
Annual rental growth: Canary Wharf and Greenwich are top performers
Canary Wharf and Greenwich were top performers among JLL offices in Q1 2026. Average rents rose 1.9% and 2.7% over the quarter in Canary Wharf and Greenwich respectively, bringing annual growth to 4% across both markets. Strong demand fundamentals and good connectivity have underpinned rents in these areas.
However, properties rented in Canary Wharf in the last month have been on the market for an average of 38 days, which is 90.7% longer than a year ago. Despite the Elizabeth Line's transformative impact on connectivity and ongoing infrastructure improvements unlocking the area's potential, the extended marketing period reflects the broader softening in tenant demand affecting even well-connected locations this quarter.
Wood Green, Nine Elms and Stratford recorded modest annual growth between 2% - 3%, while the City’s annual growth held steady at 1.1%. Within Nine Elms, mainstream locations maintained positive annual growth while prime areas saw average rents decline over the year, driven by fewer home movers and occupiers choosing to renew leases.
Finsbury Park shifted from positive annual growth of 1.8% in Q4 2025 to a contraction of 0.2% in Q1 2026, while Kew saw growth slow sharply from 2.2% to just 0.3% over the same period. More muted growth in these areas is a reflection of fewer new applicant registrations and increased days on market, both signaling weaker tenant demand and reduced pricing power for landlords in this location.
3-Year Growth: Across all London locations, rents rose 11.8% over three years
Rental trends across London over the past three and five years reveal a clear pattern —the market has been climbing steadily, but growth is now becoming more measured.
Three-year growth remains strong in most locations, ranging between 8%-17%, however increased level of supply has softened this growth in recent quarters. Wood Green led with the highest growth at 16.7%, followed by Greenwich at 16.0%, supported by consistent tenant demand. Other locations ranged from 9.6% to 13.3%, reflecting more balanced dynamics after the post-pandemic surge.
5-Year Growth: Nine Elms and Canary Wharf Achieved Highest Growth
On average, rents have risen by 42% over the past five years, across all eight JLL London offices. Growth has ranged between 31% and 56%.
Nine Elms has been the strongest performer over the past five years, seeing 55.6% growth in rents. This has been driven by strong long-term demand in prime riverside areas. Within Nine Elms, SW11 Prime rental property saw rental growth shy of 70% over a five-year period.
Canary Wharf follows with 53.1% growth. Prime rental homes across Canary Wharf have benefitted from corporate tenant demand and proximity to financial services hubs, while the mainstream market benefits from strong student demand.
Significant five-year growth across London has been driven by a fundamental supply and demand imbalance—but here's what's changing: the pace is now easing as new supply enters the market and affordability constraints begin to limit rental increases.
Market Sentiment: Momentum Remains Subdued as We Begin 2026
The number of new applicants registering over the last 12 months has decreased across most locations including Canary Wharf, Finsbury Park, Kew, Nine Elms, and Stratford, while remaining stable in the City, Greenwich and Wood Green.
The number of new landlord instructions over the last 12 months has increased in four locations including Canary Wharf, City, Greenwich, Kew, and Wood Green, remained stable in Nine Elms, and decreased in Finsbury Park and Stratford. This divergence between declining tenant demand and growing landlord supply suggests a shift towards a tenant-favourable market, creating increased competition among landlords and putting downward pressure on rental growth.
All locations reported increases in lease renewals over the past year except the City, a reasonable response to a more challenging economic environment where tenants look to avoid higher rents associated with moving property. Days on the market before finding a tenant have increased over the last 12 months in five locations including Canary Wharf, Finsbury Park, Greenwich, Stratford, and Wood Green and remained stable in others.
