London’s renters face fierce competition as lettings market heats up

London’s renters face fierce competition as lettings market heats up

0:01 AM, 21st August 2024, About 3 months ago

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London’s rental market has seen a surge in tenant activity, with offers and enquiries jumping 22% and 7% respectively compared to June, one lettings firm reports.

Chestertons also says that it has registered a 14% increase in the number of landlords instructing for their property to be let.

The data mirrors findings published this week by Rightmove that each rental property is receiving 17 enquiries, and the number of available rental properties is still 20% below pre-pandemic levels.

The platform also said that London rents have risen to a new record of £2,661, that’s now 4% higher than last year.

Additional demand from potential buyers

Chestertons’ head of lettings, Adam Jennings, explained: “Traditional peak season factors – students, corporate tenants, renewals – are combined this year with additional demand from potential buyers still renting due to mortgage rates.

“We’ve seen 29% more renters moving in versus July 2023.”

He adds: “While more landlords are listing properties – a 14% increase – the market remains highly competitive.”

He says renters need to be proactive and maintain close contact with their letting agent.


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