London's tenants facing an increasingly competitive market ahead of ‘lettings season’

Posted on Tuesday, June 27, 2023

Tenants in the capital are being warned to prepare for a highly competitive property search this summer, with figures revealing a 40% rise in tenants enquiring about rental properties in May compared to April. 

The warning comes from the London estate agency, Chestertons, which believes that May marked the beginning of the most competitive season for tenants in London. Chestertons’ figures also show that its branches carried out 24% more viewings in May and received 29% more offers from prospective tenants.

However, one bit of good news for tenants is that Chestertons’ data reveals a 17% increase in the number of available properties in May compared to the same month last year and a 5% increase in homeowners looking to bring their property onto the rental market.

Some of the capital’s most sought-after areas for tenants, according to Chestertons, include Islington, Canary Wharf, South Kensington, Covent Garden, Fulham, Little Venice and Battersea.

Richard Davies, COO of Chestertons, says: “London has one of the most competitive rental markets out there, and tenants have to act quickly and be prepared to compromise in order to secure a property. At this time of year, many large companies start relocating staff to London and students start looking for properties in time for the next academic year, meaning there are more renters competing against each other.”

Via @PropertyReporter