London renters are finally catching a break as fresh figures from Benham and Reeves reveal a notable increase in rental stock across the capital, offering tenants greater choice and easing the pressure in one of the UK’s most competitive property markets.
The lettings agency’s analysis shows that 40% of all homes currently listed to let in London – 16,116 out of 40,067 – have entered the market within the past 30 days.
The influx of supply is welcome news for tenants who have faced fierce competition and escalating rents in recent months.
The largest increases have been seen in outer London boroughs, with Havering and Waltham Forest leading the way. In both areas, new listings from the last month account for 55% of total rental stock.
STRONG GROWTH
Other boroughs experiencing strong growth in availability include Lewisham (54%), Haringey (52%) and Sutton (50%).
Even traditionally undersupplied boroughs have seen a notable rise. In Kensington and Chelsea – where competition for properties is typically intense – 23% of available rental homes are new to the market, reflecting a broader city-wide trend.
Marc von Grundherr (main picture), Director at Benham and Reeves, says: “The London rental market is fiercely competitive and it’s not unusual for us to see properties let before they’ve even reached the market, with multiple tenants fighting it out and offering to pay larger deposits, multiple months rent upfront, or even higher asking rents in order to secure a home.”
STOCK LEVEL SURGE
And he adds: “At the same time, stock availability can be a major issue and we simply can’t bring homes onto the market quick enough to meet the demand from tenants.
However, as with any aspect of the market, the London rental sector is cyclical in nature and so it can help to know what time of year is best when starting your search.
“We’ve seen a considerable surge in the level of stock available across all London boroughs over the last month, so not only are you likely to have less competition, but you should also have more rental properties to choose from.”
