Tenants warned over capital’s ‘competitive market’

Tenants warned over capital’s ‘competitive market’

0:03 AM, 14th July 2023, About A year ago

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Renters are being warned that if they start looking for somewhere to rent this summer in London, they should be prepared for a busy and competitive season.

That’s according to the latest data from estate agency Chestertons, which says that June saw a surge in rental activity.

There were 19% more tenants making offers, and 23% more tenants moving in.

In addition, 11.5% more tenants renewed their contracts last month than in May.

The agency expects this trend to continue over the next few months, driven by corporate and international tenants returning to the capital.

‘London’s rental market is extremely competitive’

Chestertons’ chief operating officer, Richard Davies, said: “London’s rental market is extremely competitive, and conditions only intensify during the summer months with renters facing an increasingly challenging market environment.

“Many renters who are looking for a new property deem the property search a full-time job as it requires them to attend numerous viewings and act fast.”

The firm highlights that while tenant demand continues to grow, there are more rental properties to choose from.

28% increase in available properties to rent

Chestertons says there has been a 28% increase in available properties to rent in June compared to the same month last year.

Mr Davies said: “Despite the uplift in the number of rental properties, we advise tenants to start their search as early as possible.

“If tenants have identified a specific part of London that they wish to move to, it is recommended to register with a trusted estate agent who knows the area well and has a strong network that might even give access to properties that haven’t officially come on the market yet.”

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