Newly launched information from property company, Chestertons, highlights a staggering 38% drop within the variety of properties available on the market to lease between July 2022 to July 2021, while the variety of tenant enquiries elevated by 60%.
With tenants already going through difficult situations because of the price of dwelling disaster, Chestertons warns that market imbalances of this scale are inflicting more durable competitors and additional lease will increase.
Illustrating this, the company‘s information reveals that there have been 45% fewer landlords keen to decrease their asking rents in comparison with the identical month final yr.
Confirming the upwards development for London rents are the newest statistics from the Workplace of Nationwide Statistics (ONS), launched this month.
The figures reveal that London rents rose probably the most in 5 years as demand for leases continued to exceed the availability of properties. Non-public rental costs in London grew 2.1% within the yr to July. Though that is the bottom progress charge in England, the capital is shortly catching up with the acceleration in rents charged for the reason that begin of the yr, the ONS says.
Richard Davies, MD of Chestertons stated, “We proceed to see tenants who’re actually struggling to safe a property in London as a result of sheer quantity of tenants which might be combating over every new rental property that comes onto the market.
“To attempt to keep away from additional disappointment, many tenants are providing to pay landlords extra lease than they’re asking for, however even this isn’t assured to work.
“Given the drop in rents that landlords confronted through the pandemic; some by as a lot as 30%; we are actually working in a landlord-driven market.”