We had a very busy 4th quarter with unprecedented levels of demand. As a consequence, there is now a severe lack of stock across the market resulting in rising rental prices.
I’m pleased to report that we had a very busy 4th quarter with unprecedented levels of demand. As a consequence, there is now a severe lack of stock across the market resulting in rising rental prices.
As expected, demand for rental properties in London accelerated during the autumn, boosted by the return of professionals to the office and international students back to face-to-face learning. The supply shortage has been exacerbated by COVID-19 with fewer Buy to Let landlords bringing new properties onto the market and more landlords selling properties to take advantage of the resurgent sales market.
For much of 2021, tenants were in the driving seat in negotiations, with a large number of available properties and rental prices down by a considerable amount. The market has now moved back in favour of landlords as competition between applicants has increased resulting in a rise in rents by an average 3.8%.
We believe that the imbalance of demand over supply will continue into 2022 as many of those who were unsuccessful in their search prior to Christmas have taken short term contracts whilst still looking for a long-term option, we also expect the demand from corporate tenants will rise as spring approaches meaning rental prices will continue on an upward trajectory.
We have serious, motivated, applicants ready to move across the board from 1-bedroom flats to 5+ bed houses so if you have been considering letting your property or you haven’t been able to achieve the price you hoped in the sales market, now is the perfect time to let. Please call or email us, we’d be happy to give an up-to-date free valuation and assist in finding the right tenancy for your situation – whether you need a long-term 2-3 year let or a 1-year let with a six-month break clause as a stopgap whilst waiting for the sales market to improve. As an experienced independent agency were able to adapt to whatever the requirement and are happy to help in any way we can.