Records broken by London lettings agency for new lets and renewals

One of London’s most respected independent lettings agencies has given a hugely upbeat report on the capital’s lettings market performance throughout 2018.

Benham & Reeves Residential Lettings says demand for rental properties in London has exceeded all expectations in 2018 and has been strong across the market, steadily growing throughout the year as more applicants than ever look for new homes.  

The third quarter was the most successful in the company’s history and saw a 22.1 per cent increase in transactions over the same period in 2017; there was also a record tenancy renewal rate of between 65 per cent 70 per cent. 

“Many of our branches now have waiting lists of applicants, with some seeing as many as 22 applicants per property, compared to 16 per property at this time last year” according to managing director Anita Mehra. 

“An important proviso though is that, generally, rents have remained flat this year, due to high volumes of new stock coming to the market, so while transaction levels have increased dramatically, landlords should remember that the market remains extremely competitive” she adds, suggesting that rents may rise up to 15 per cent but over the next five years. 

“New developments remain at the top of most applicants’ wish lists and 2019 will see further launches including the much anticipated White City Living in White City … We are already talking to landlords who have bought off-plan here and expect to have good stocks when the first phase launches” explains Mehra.

With 16 branches in prime residential London locations and international offices in China, Hong Kong, India, Malaysia and Singapore, Benham and Reeves is a long established, independent letting and sales agent established in 1956.