Tenants who are currently looking to move within London will be facing a particularly competitive property search over the coming months as peak season for the capital’s lettings market has commenced - we’ve seen a 22% increase in tenants making an offer in July vs June and 7% increase in enquiries.
Head of Lettings, Adam Jennings, explains: “Traditionally, peak season for London’s lettings market runs from July to September and is driven by an influx of students, corporate tenants as well as renters whose previous tenancy agreement is up for renewal. This year, we are seeing additional demand from aspiring homebuyers who, despite mortgage rates starting to fall, continue to rent. As a result, our branches have seen 29% more renters moving into a property compared to July 2023. The good news is that this is also the time of year when more landlords are putting their property on the market.”
Our offices have registered a 14% uplift in the number of landlords instructing for their property to be let. “Whilst this will result in a larger pool of available properties to choose from, the volume of tenant enquiries will remain greater with one property attracting numerous offers. To stay ahead of the competition, we advise anyone looking to rent right now to keep their finger on the pulse of the market and stay in regular contact with their estate agent”, Jennings adds.
Recent research from Rightmove confirms that each rental property is receiving 17 enquiries and that 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, now 4% higher than last year (£2,567 per calendar month).
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