There has been a significant increase in demand for rental accommodation in London, according to the latest report from Benham & Reeves.
New data covering Q3 2018 shows that the firm experienced its busiest quarter in history with more than 1,000 new tenancies agreed across its 16 branches London-wide. This represents a 22.1% increase in transaction volumes compared with the same period last year.
The figures also reveal that Benham & Reeves currently has 22 applicants registered per property available, up from 16 a year ago, which partly explains why the capital is forecast to see strong growth in rental values moving forward.
But for now, rents across London are, in the main, ‘flat’, despite the hike in volume and transactions, according to Benham & Reeves.
However the company added that it ‘sees this trend [in rental prices] changing in the next 12 months’, suggesting that rental values are likely to rise on the back of high demand for property to rent in London.
‘From small units to large, from new-build apartments to period, basement properties, demand has been high across the board, and at every price point,’ said Benham & Reeves.