There is good news for renters in London this morning as new data shows signs of the market stabilising and more properties become available to rent
The latest figures from Chestertons suggest that the capital’s rental market could be showing early signs of stabilising as more rental properties came onto the market in October.
According to the agency’s figures, there are currently around 35% more rental properties on the market compared to October last year.
This slight improvement in the hectic nature of London’s rental market appears to be encouraging more tenants to re-enter the market.
Chestertons notes that there are currently more tenants looking to move than at any point in the last five years and 5% more than last October. Meanwhile, Rightmove’s latest rental tracker report has found that London’s tenant demand on the portal was up 20% compared to last year.
Richard Davies, COO of Chestertons, said: “With more properties now coming available and affordability pressures making an impact on tenant’s budgets, we are now seeing some of the heat come out of the London lettings market. However, this slight rebalancing of conditions is in turn encouraging tenants who renewed their tenancies or sought alternative options earlier in the year to re-enter the market, maintaining both activity levels going into Christmas and price growth to date.”
“Since passing the seasonal peak for London’s rental market, landlords have shown more flexibility with their prices and we are also seeing fewer cases of tenants out-bidding each other.”