The post-Covid prime lettings market in London has seen remarkable growth, an agency says.
The latest data from Berkshire Hathaway HomeServices London show that rents have increased by 22 to 27 per cent, compared with the lows of 2020.
The agency says this is showcasing the capital’s status as a highly sought-after destination for renters.
Since May, the firm says it’s noticed a five per cent increase in demand from renters using apps compared to the same period in 2022. Despite June being quieter, demand still remains higher than the already high base point experienced during the post-lockdown summer.
Matt Staton, Head of Lettings at Berkshire Hathaway HomeServices London comments: “Despite the temporary disruptions caused by Covid the market has rebounded quickly and although we continue to face global challenges the capitals prime lettings sector is thriving.
“We have witnessed a significant surge in demand for premium properties across London, demonstrating its resilience and presenting lucrative opportunities for investors and landlords.”
There is now 30 per cent more stock available compared to 2022, with Berkshire Hathaway HomeServices London seeing a comparable 30 per cent increase in transactions.
Staton continues: “Currently demand remains strong. We are seeing a five per cent increase, and we now have the stock to meet this demand.
“Even though last year apps were showing high demand, the limited availability of properties posed a challenge for applicants finding somewhere to move to. However, with higher interest rates and an increase in accidental Landlords, searches are being far more successful matching properties with people.”