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.”