Landlords in the capital whose tenancies start in late summer achieve rents 11% higher than those starting in December.
This is according to data from London estate agency Portico.
The firm says that the reason for this surge in average prices is due to a 10% reduction of available housing supply in September combined with a 64% increase in tenant demand, driven by the student and graduate markets.
Portico says it receives double the level of enquiries per property in September compared to the annual average, and over four times the number of enquiries per property than in December.
Robert Nichols, director of Portico, comments: “We are advising landlords to take advantage of these seasonal fluctuations which can see rental income boosted. With much smaller void periods and higher rents, landlords should seriously consider inserting a break clause at the next renewal point in their tenancies to re-synchronise tenancy dates. A tenancy starting in September is just good business.”
Last week the Association of Residential Letting Agents reported that the supply of rental property fell in August, from an average of 189 properties per letting agency branch in July to 178.
It also confirmed that fewer letting agents reported rent increases last month.
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