Chestertons’ latest data on London’s rental market reveals that there were 39 per cent more rental properties on the market in July compared to July last year.
Meanwhile the number of new tenants entering the market decreased by five per cent, suggesting that market conditions are at last improving for tenants in the capital.
The agency claims that with more properties to choose from and slightly less competition, tenants often now have the upper hand during price negotiations.
As a result of this shift in power, 88 per cent more landlords than this time last year were willing to reduce their asking rent in order to secure the right tenant for their property.
Richard Davies, chief operating officer of Chestertons, says: “Earlier in the year, London was suffering from a severe lack of rental properties. However, with the sales market proving challenging, many would-be sellers have decided to put their property up for rent rather than sell. This has temporarily boosted the number of rental properties and prevented rents from continuing the double-digit increases that we have witnessed since 2021.”
Areas of London that have been in particularly high demand with tenants in July include St John’s Wood, South Kensington, Islington, Canary Wharf, Hampstead, Clapham and Fulham.