Landlords who promote their properties on the rental market through the pandemic or swap to short-term contracts have seen the quantity out there within the capital drop 58% from final yr, says Chestertons.
The London agent’s businesses additionally noticed a 55% enhance within the variety of tenants in search of new lodging in August in comparison with August 2020, making a rising imbalance between provide and demand.
Rental supervisor Richard Davies (pictured) stated the race to search out rental property within the capital would change into extra aggressive, placing landlords firmly in command of worth negotiations; there was a 78% drop within the variety of landlords prepared to cut back their lease in comparison with August final yr.
He provides, “With demand exceeding provide, rents are actually beginning to rise and – if the restricted availability of rental properties persists – it will not be lengthy earlier than rents return to 2019 ranges. The apparent scarcity of obtainable properties has resulted in better urgency on the a part of tenants who should compromise and be extra decisive with a purpose to safe a property inside their finances.
Boroughs similar to Kensington & Chelsea, Fulham & Hammersmith, Westminster, Camden, Richmond Upon Thames and Wandsworth noticed the most important enhance in rental costs, studies Chestertons.
“These areas are notably in style with company tenants and worldwide college students who are actually returning to London,” says Davies. “On the similar time, our desks are seeing frequent requests from individuals who left the capital through the pandemic however now yearn to be nearer to their places of work and the leisure London affords. “
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