The latest data from Chestertons, one of London’s largest lettings agents, suggests that the capital’s rental market could be showing early signs of stabilising.
An increased number of rental properties came onto the market in October and now there are about 35 per cent more homes available for tenants than this time last year.
The agency says this slight improvement in the hectic nature of London’s rental market appears to be encouraging more tenants to re-enter the market. However, there are currently more tenants looking to move than at any point in the last five years and five per cent more than last October.
Meanwhile, Rightmove’s latest rental tracker report has found that London’s tenant demand on the portal was up 20 per cent compared to last year.
Richard Davies, chief operating officer at Chestertons, says: “With more properties now coming available and affordability pressures making an impact on tenant’s budgets, we are now seeing some of the heat come out of the London lettings market. However, this slight rebalancing of conditions is in turn encouraging tenants who renewed their tenancies or sought alternative options earlier in the year to re-enter the market, maintaining both activity levels going into Christmas and price growth to date.”
“Since passing the seasonal peak for London’s rental market, landlords have shown more flexibility with their prices and we are also seeing fewer cases of tenants out-bidding each other.”
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This just confirms what we already know - it is lack of availability that is driving the increases in rent. Yet the Govt continues with policies that drive LLs out of the market & reduces availability!
London may be settling down but will the rest of the country follow? Not necessarily. It is still a very tough market for renters in most of the country.
As I said the other day, London is on a different planet to the rest of us
Perhaps Chestertons has a bad month October 2021, if they now see a 35% improvement in availability. Whatever data I look at, or people I talk to, tell me its as bad as ever. Nothing to let, tenants up the ying yang, rents rising.
Richard does have form for trying to condition landlords in editorial though, so this could be another attempt to simply persuade landlords to consider some lower offers, so they can get some deals done in the run up to Xmas.
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