Data suggests demand for tenancies in the capital is still at an annual high with 35 per cent more tenants registering for properties over the last 12 months against the previous year, also inflating rental charges by 15 per cent.
The areas with the highest enquiry levels include Camden, with viewing requests up +128 per cent, Hyde Park with +45 per cent more and Canary Wharf at +38 per cent, with all of these places also offering far fewer available properties.
Richard Davies, head of lettings at Chestertons, said: “This continued surge in demand, especially in prime central London, is heavily impacting the supply of available properties to rent in the capital. As a result, rents have risen sharply and tenants now have a much more limited choice than they did last year. On average they are only able to view one or two properties that meet their criteria, which greatly differs from a year ago when they were able to view at least five.”
Chestertons’ figures show that there were 68 per cent fewer properties available for rent in September 2021 compared to September 2020 while the number of tenants moving into their new rental home has risen by 13 per cent.
Davies said: “With demand outstripping supply, landlords are currently in a strong position and those who have been considering selling their properties may be persuaded to keep it as a rental investment given that rental yields are now increasing.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
