London’s tenants warned over ‘tough market’

London’s tenants warned over ‘tough market’

0:06 AM, 27th June 2023, About 10 months ago

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Tenants in London are being warned that they’ll need to gear up for an intense property hunt this summer if they begin searching for a new home to rent.

Chestertons says that May saw a 40% surge in tenant inquiries for rental properties compared to April.

This marks, it says, the start of what may be London’s most competitive rental season.

‘One of the most competitive rental markets out there’

The chief operating officer of Chestertons, Richard Davies, said: “London has one of the most competitive rental markets out there, and tenants have to act quickly and be prepared to compromise in order to secure a property.

“At this time of year, many large companies start relocating staff to London and students start looking for properties in time for the next academic year, meaning there are more renters competing against each other.”

24% increase in property viewings

The agency also reveals a 24% increase in property viewings in May, accompanied by a 29% rise in offers from potential tenants.

On a positive note, Chestertons’ data shows a 17% year-on-year increase in available properties during May and a 5% uptick in homeowners considering entering the rental market.

Some of the most in-demand areas for tenants in the capital, as identified by the firm, are Islington, Canary Wharf, South Kensington, Covent Garden, Fulham, and Battersea.

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