Tenants Wanting To Move Ahead Of Busy Summer Market

Our latest data revealed a 37% uplift in tenant enquiries in May vs April as renters rushed to get ahead of the lettings market’s historically busy summer period (June to September) which could see rents increase by 5%. We also saw an increase in signed tenancy agreements after savvy renters sealed in April’s slightly more favourable rent levels.

Adam Jennings, Head of Lettings: “April’s noticeable slowdown in rent increases boosted tenant enquiries and the volume of rental contracts being signed in May. As we are entering the summer, however, we are expecting even more tenants to start their property search and although supply levels are set to increase, will not be able to meet demand. As a result, London’s rental market will become increasingly competitive over the coming months and see rents go up.”

We have already noticed a 7.4% decrease in the number of landlords willing to lower their asking rent despite almost 10% more landlords registering with us with plans to put their home on the market in time for the summer rush.

“Some tenants will be adapting their search criteria by casting their net further or by considering smaller properties. Areas that are within London’s Zones 2, 3 and 4 continue to be particularly popular – especially Canary Wharf, Richmond as well as Islington”, Jennings concludes.