London leads rental market growth as availability rises across England

London leads rental market growth as availability rises across England

0:02 AM, 1st May 2024, About a month ago

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There has been a significant rise in rental property availability across England, with a 12.1% year-on-year increase compared to the first quarter of 2023, research reveals.

The data from letting agents Benham and Reeves show that London witnessed the most significant boost, with Greater London experiencing a 34.7% jump in rental property availability.

The firm says that in the first quarter of this year, there were 154,510 rental properties available to tenants in England.

It highlights that 33 out of 48 counties saw an improvement in the number of homes reaching the market.

The City of London saw an impressive 44.3% annual increase in available rental stock.

‘London rental market remains an extremely competitive place’

A director of the firm, Marc von Grundherr, said: “The London rental market remains an extremely competitive place and we’re seeing huge demand for homes right from the point they are reaching the market, with tenants falling over themselves to view and apply.

“So, a surge in rental stock will be warmly welcomed by those who are still on the hunt, although it’s unlikely to balance the scales.”

He adds: “As it stands, we’re still seeing some of the lowest rental stock levels that we have had in the last decade and, as a result, we’re receiving an average of 21 applicants per listing within just 24 hours of a property going live.”

Nottinghamshire experienced the highest growth in rental property availability

Outside the capital, Nottinghamshire experienced the highest growth in rental property availability with a 28.2% increase in rental listings compared to the previous year.

Other areas within the top 10 for growth include Northamptonshire, Berkshire, Dorset and Warwickshire.

However, the trend isn’t universal and while most counties saw growth, some regions faced a decline in available rental stock.

Leicestershire saw the most significant drop (-17.3%), followed by the West Midlands (-11.4%) and Cheshire (-9.7%).


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