The challenges of London’s rental market continue to play out in the latest market snapshot from one of the capital’s biggest lettings agencies, Chestertons.
It says at the end of September there were double the number of rental properties available on the market compared to last year, meaning that tenants have far more choice and are negotiating harder on prices.
This has resulted in a 325 per cent spike in landlords reducing rents.
Perhaps unsurprisingly in the light of excess supply and falling rents, there are many tenants on the move across the capital.
Chestertons reports that the number of tenants moving home shot up 45 per cent in September compared to last year, and up 53 per cent on August this year.
The agency says September is always the busiest month of the year for London's rental market; enquiries on rental properties are up 49 per cent compared to September 2019 and both viewings and offers up 47 per cent.
Richard Davies, Chestertons’ head of lettings, comments: “September was an exceptionally busy month as we saw overseas tenants start returning to London and a jump in the number of students taking properties as universities confirmed their teaching schedules.
“All the signs point to the market to remaining busy throughout October too, and we have done 74 per cent more viewings so far in October than we did last year, and moved 55 per cent more tenants into new properties” he adds.
“However, it is very clear that only sensibly-priced properties will find tenants in this market and most landlords are reacting quickly to this by adjusting their prices accordingly” he concludes.