Demand soars for private rental property in London, s…
There’s been a surge in demand for rental properties in London over the summer, according to the agency Chestertons.
It says it’s seen a 22% month-on-month increase in tenants making an offer on a property in July, and a 7% increase in inquiries. August figures are not out until next month.
Chestertons’ head of lettings, Adam Jennings, says the three month period just ending is typically peak season for London’s lettings market, with demand from new students and corporate tenants, as well as the typical tick-over of renewed tenancy agreements.
“This year, we are seeing additional demand from aspiring homebuyers who, despite mortgage rates starting to fall, continue to rent” he says.
And despite a 14% increase in new letting instructions – many from so-called ‘accidental landlords’ – he says: “Whilst this will result in a larger pool of available properties to choose from, the volume of tenant enquiries will remain greater, with one property attracting numerous offers.”
On the sales side the agency saw a 15% increase in the number of sellers getting their home valued during August so far.
Matt Thompson, head of sales, comments: “With more available properties as well as pent-up demand from buyers, London’s property market will see an unusually busy summer whereby sellers will have the upper hand during price negotiations.
“The market has also seen a number of lenders introducing more attractive mortgage products, including five-year fixed rates of sub 4%, which we expect more buyers to take advantage of. Sellers are anticipating this and the market will benefit from more properties being put up for sale over the coming months.”
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