Londoners on the lookout for a brand new place to lease are struggling in opposition to a aggressive market because the variety of accessible properties has dropped by 58 per cent.
Whereas there are much less properties accessible in the marketplace for renters in comparison with August 2020, there was a 55 per cent enhance within the variety of tenants looking, in line with market evaluation by Property company Chestertons.
The discrepancy has been partially brought on by landlords promoting rental properties through the endemic or who’ve put properties onto the market as short-let contracts as an alternative of long-term agreements.
The company says that this scarcity has been partially brought on by landlords having bought rental properties through the pandemic or by placing their properties again in the marketplace for short-let contracts somewhat than long-term tenancy agreements.
Landlords are much less prepared to scale back lease in comparison with final 12 months, with Chesterston’s reporting a 78 per cent lower within the variety of landlords prepared to slash prices.
Tenants should transfer quick to make selections in addition to being ready to make compromises whereas landlords look to lift rents again to 2019 ranges, the company stated.
“The race to discover a rental property within the capital is about to change into extra aggressive, placing landlords firmly within the driving seat of worth negotiations,,” Richard Davies, head of lettings, at Chestertons stated.
“With demand outstripping provide, rents at the moment are beginning to improve and – if restricted availability of rental properties continues – it gained’t be lengthy earlier than rents return to 2019 ranges.”
Areas to expertise the largest bounce in lease costs since final August embrace Kensington & Chelsea, Fulham & Hammersmith, Westminster, Camden, Richmond Upon Thames and Wandsworth.
These areas are widespread with individuals working company jobs and worldwide college students, who will now be returning to the town for a brand new college time period.
The company has additionally seen many individuals who left the town through the pandemic wishing to return to be nearer to their workplace and to benefit from the metropolis’s post-lockdown alternatives.
Author: ” — www.cityam.com ”