The Bank of England’s interest rate cut in August seems to have had an immediate effect on the lettings market in London.
We’ve seen a 24% rise in tenants renewing their contracts, a welcome sign for landlords. In addition, more people moved into rental properties last month than in July, with offices conducting more viewings than this time last year. Further signs of a healthy lettings market include more homes becoming available for rent in August than in the previous month.
Head of Chestertons Lettings, Adam Jennings, commented: “Tenants have viewed more properties this year to date than in 2023. What’s even more heartening is how many renewals we’ve seen in August alone, without the need to reduce prices, which is also great news for landlords.”
He added, “Looking forward to the Autumn, we predict that the combination of low inflation and the drop in interest rates will all contribute to consumer confidence and sustained growth.”