The rental market in London is on fire!
The rental market is in its best moment.
London’s rental market is experiencing a strong recovery despite the pandemic, according to the latest Chestertons analysis. Comparing May to April, the agency’s 31 branches in London confirmed a cumulative 17 percent increase in new tenant registration and a 10% increase in agreed rents.
While demand increased, the number of properties available for rent at the end of May 2021 decreased, with Chestertons seeing a 3 percent reduction in supply compared to the end of April 2021 and a staggering 24 percent reduction compared to May 2020. With demand outstripping supply, fewer landlords are now willing to lower their rents, which contrasts this time last year when large numbers of London landlords cut their rents by as much as 20 percent.
Chestertons confirms that in many London postcodes, rents increased in May versus April. Some of the areas that have seen the most significant rent increases are Barnes (+ 17%), Wandsworth (+ 15%), Mayfair (+ 23%), Westminster (+ 18%), and South Kensington (+ 12%) penny).
London rental market update
Richard Davies, Head of Lettings at Chestertons, says: “Most of the tenants who sign up with us now see their return to the office as imminent, either full or part-time. With that in mind, and with rents at the lowest they have been in years, renters are rushing to buy London rental property at a reduced cost.”
“At the same time, as lockdown restrictions are eased, and travel becomes possible again, we also see a return in demand from foreign students. With the continued increase in tenants looking to return to London, we expect the London rental market to become increasingly competitive in the coming months, particularly during the summer, which has always been a key season for tenants to move in.”
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