In a promising turn for tenants, London landlords have kicked off the new year by lowering rental prices, with a surge in available properties, according to data from lettings agency Chestertons. The agency reports a substantial 41% increase in the number of rental properties in London compared to the previous year.
The influx of available properties is giving tenants a wider range of options and reducing the pressure to hastily secure accommodations. Supporting this trend, data from Rightmove reveals that the average duration a property spends on the platform before being let or placed under an offer has extended from 33 to 39 days.
Responding to the shifting market dynamics, a significant number of landlords, marking a 76% increase from the previous year, have opted to decrease their asking rents. This strategic move is aimed at attracting tenants in a market where they now have the luxury of time to consider their options.
Adam Jennings, Head of Lettings at Chestertons, notes, “We have seen a significant increase in landlords bringing their property to market as they have been attracted by the substantial rent increases over the last 18 months or so. This influx of properties has led to more choice for tenants, and as a result, many landlords have decided to lower their rent expectations.”
Jennings anticipates a continued growth in the number of available rental properties throughout 2024, further influencing adjustments in rent levels. While the current market conditions are becoming more favourable for tenants, Jennings advises prospective renters to initiate their search early due to London’s persistent competitiveness in the letting market.
In January alone, Chestertons observed a noteworthy seven percent increase in property viewings compared to the same month in the previous year. The ongoing trends suggest a dynamic and evolving landscape in London’s rental market, with landlords adapting to meet the changing demands of tenants.