While the stamp duty holiday has helped many people and families to buy homes, it has also provided landlords with the chance to save money while enhancing their property portfolio.
Even though there is considerable activity in the property market these days, there is still prominent demand for rental property. Also, landlords in London have been boosted by news that overseas tenants are returning to the capital.
London rental market showing signs of life
According to figures released by Chestertons, the number of tenants moving into London rose sharply in September. The number of tenants moving property in London increased by 45% in September 2020 in comparison with September 2019. The number of tenants moving property in London rose by 53% compared to August 2020.
It is believed many tenants have taken the opportunity to re-evaluate their position in the rental market, and this has led to the rise in rental activity.
There is more activity than in a standard September
Historically, September is the busiest month of the rental market year in London, but clearly, 2020 is not your standard year. There is a suggestion tenants are moving later in the year this year, and the increase in overseas tenants coming back to the capital is a factor to consider.
Other information provided by the company include:
- Enquiries on rental property has risen by 49% in comparison with September 2019
- Viewings and offers have risen by 47% in comparison with September 2019
- At the end of September, the number of rental properties on the market had doubled compared to September 2019
- This saw a 325% increase in the number of landlords who reduced their rent
Richard Davies, Chestertons’ head of lettings, commented: “September was an exceptionally busy month as we saw overseas tenants start returning to London and a jump in the number of students taking properties as universities confirmed their teaching schedules. All the signs point to the market to remaining busy throughout October too, and we have done 74% more viewings so far in October than we did last year, and moved 55% more tenants into new properties. However, it is very clear that only sensibly-priced properties will find tenants in this market and most landlords are reacting quickly to this by adjusting their prices accordingly.”
If you have any questions or queries about the housing market, it is best to call on experts for support. We are still available to help you, while following social distancing guidelines, so feel free to contact us if you need to. We can arrange a free valuation for you, and if is this of interest, please contact Residential London today.
We have a team of qualified professional property consultants specialising in real estate across the capital. We are active in Westminster, The City of London, Kensington & Chelsea, Hammersmith & Fulham, Wandsworth, Lambeth, Islington, Southwark, Tower Hamlets, Greenwich, Newham, Hackney and many more London locations.
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