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The lettings market in London has never been stronger as everyone is learning to live with COVID. The bounce back from the 2020 market has been huge with an Evening Standard report highlighting an increase of 16.2% in annual rent for inner London and 5.8% increase for outer London.
Available properties are quickly let thanks to a 71% drop in London rental stock in 2021 according to Propertymark, creating a fast climate for prospective tenants to fight in to secure the option right for them.
The increase of rental prices is connected to both the demand vs supply ratio change as well as the increase of property value. Nationwide the average house price has seen an increase of roughly £24,000 making the rental option for tenants even more appealing instead of the growing costs of purchasing a home.
It has never been more important for prospective tenants to work with letting agents to find properties before they are released on public sites like Rightmove and Zoopla, as once they are up they will be let!
Written by Toby Dawson
