Latest data from London-focussed lettings agency Chestertons confirms that the traditionally busy ‘summer season’ has kicked off.
In June some 19 per cent more tenants made an offer and 23 per cent more tenants moved in compared to May. At the same time, 11.5 per cent of existing tenants renewed their current rental contract.
Fuelled by corporate tenants as well as international students returning to the capital, Chestertons predicts for London’s lettings market to remain busy over the next few months until autumn is well underway.
Chief operation officer Richard Davies says: “London’s rental market is extremely competitive and conditions only intensify during the summer months with renters facing an increasingly challenging market environment. Many renters who are looking for a new property deem the property search a full-time job as it requires them to attend numerous viewings and act fast.”
Whilst demand continues to grow, tenants are also currently benefiting from a larger selection of rental properties.
According to Chestertons’ data, there has been a 28 per cent increase in available properties to rent in June compared to the same month last year.
“Despite the uplift in the number of rental properties, we advise tenants to start their search as early as possible. If tenants have identified a specific part of London that they wish to move to, it is recommended to register with a trusted estate agent who knows the area well and has a strong network that might even give access to properties that haven’t officially come on the market yet” Davies cautions.