A prominent London buying agent says her property management team is letting out homes in the capital in a matter of days, and frequently at above the asking rent.
Jo Eccles, who runs property company Eccord, says she runs around 200 homes for domestic and overseas landlords.
“In the house rental market, tenants are renewing their tenancy agreements further ahead of time than normal. Some tenants are requesting to renew tenancies which don’t expire until the summer, as they have looked around and have seen how limited the supply and choice is” notes Eccles.
She says these are all signs of the strength of the market once more in London, supported by a dire shortage of stock.
“Similar to the sales market’s lack of supply supporting prices, in 2021 there were 68 per cent fewer rental properties available than in 2020 and 38 per cent less than in 2019” she comments.
However, Eccles cautions that although more than a year of rent falls are now in reverse, average London rents are still approximately five per cent lower than they were at the start of the pandemic.
https://www.lettingagenttoday.co.uk/breaking-news/2022/2/london-lettings-strengthening-but-rents-still-below-per-pandemic
