Latest data from agency Chestertons reveals a 125 per cent increase in the number of landlords choosing to reduce asking rents in February.
The agency says this is in reaction to shifting market conditions in the capital.
It believes that rents have dropped by up to 10 per cent in some areas compared to the same time last year; meanwhile there are nearly 40 per cent more properties on the market to rent in London compared to last year and fewer tenants actively looking to move.
This combination is putting pressure on landlords to reduce their prices in order to secure a tenant and avoid costly void periods.
Adam Jennings, Head of Lettings, says: “February didn’t see the volume of new tenants entering the market that many landlords had expected.
“At the same time, the number of available rental properties continued to rise which has left landlords little option but to start reviewing their prices.
“Landlords that have become accustomed to continually rising rents since Covid and aren’t willing to adjust to the current market conditions are increasingly finding themselves with empty properties, a situation which was very rare last year.”
Chestertons expects that if rents continue to fall over the next couple of months, more tenants will lock themselves into long-term tenancies, which will rapidly deplete the flow of rental properties on the market.
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