London landlords have started the new year by dropping their rents according to estate agency Chestertons, whose data suggests that there are 41% more rental properties currently available in London than there were in January 2023.
With more properties on the market, tenants are enjoying more choice and are under less pressure to make a decision quickly. Data from Rightmove supports this, showing that the average length of time a property is listed on the platform before being let or placed under offer increased from 33 to 39 days. Growing numbers of landlords – 76% more than last year – have reacted to this shift in the market by choosing to reduce their asking rents to attract tenants.
Chestertons’ Head of Lettings, Adam Jennings, says: “We have seen a significant increase in landlords bringing their property to market as they have been attracted by the substantial rent increases over the last 18 months or so. This influx of properties has led to more choice for tenants and as a result, many landlords have decided to lower their rent expectations.
“We foresee the number of available rental properties to continue to grow in 2024, which will cause rent levels to adjust further. This does create more beneficial market conditions for tenants, however, London still has one of the most competitive lettings markets out there and we advise tenants to start their search as early as possible”, Jennings adds.
In January alone, Chestertons registered a 7% increase in viewings compared to the same month last year.