Chestertons’ latest data on London’s rental market reveals that there were 39 per cent more rental properties on the market in July compared to July last year.
Meanwhile the number of new tenants entering the market decreased by five per cent, suggesting that market conditions are at last improving for tenants in the capital.
The agency claims that with more properties to choose from and slightly less competition, tenants often now have the upper hand during price negotiations.
As a result of this shift in power, 88 per cent more landlords than this time last year were willing to reduce their asking rent in order to secure the right tenant for their property.
Richard Davies, chief operating officer of Chestertons, says: “Earlier in the year, London was suffering from a severe lack of rental properties. However, with the sales market proving challenging, many would-be sellers have decided to put their property up for rent rather than sell. This has temporarily boosted the number of rental properties and prevented rents from continuing the double-digit increases that we have witnessed since 2021.”
Areas of London that have been in particularly high demand with tenants in July include St John’s Wood, South Kensington, Islington, Canary Wharf, Hampstead, Clapham and Fulham.
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The market I see is at its worse for supply in London ever, and Ive said that a few times, fewer properties in all london boroughs, councils pulling their hair out offering eye watering incentive fees even on renewal, rents at an all time high. Take SW11 as an example where Richard cites high demand, I could always count on at least 2000 properties to let (to canvass). Today there are 695. Wimbledon was always about 1750. 318 today, thats only 7 properties an agent! Only 236 in the whole of SW18 and it's a monster patch usually similar numbers to Wimbledon.
You can always count on Richard though at the end of the summer to try and convince landlords they need to reduce their price to make their life easier and do some deals as they go into the autumn. Not sure why its necessary either, most agents tell me they list properties and then delist them after a few hours as they cant cope with the all the enquiries. Anyone can let anything at the moment in minutes. If Chestertons are reporting 39% more instructions this July, they must have had a terrible terrible 2022, and if 88% of Chestertons LLs are reducing their asking price they need to find another agent.
Whilst we are seeing a much more 'normal' enquiry level per property now, properties are still letting super quick for record rents with multiple offers- usually still going over and above asking. I don't see it as a tenant's market yet.
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