Ten People Chasing Every London Rental Property

Rachel Holdsworth
By Rachel Holdsworth Last edited 117 months ago

Last Updated 28 October 2014

Ten People Chasing Every London Rental Property

Photo by M@

There are nearly 10 tenants chasing every London rental property, according to information released by a network of estate agents.

Agents are registering 9.7 people for every property that comes onto the market, compared with 5.3 people per property a year ago. This level of demand isn't being met by supply, which has fallen by 11%. And as you won't be surprised to learn, being intelligent folk who know exactly what happens in a free market with an imbalance of supply and demand, rents have risen 9% year on year. This takes the average London rent, according to Sequence, whose London sales and letting agent arm trades as Barnard Marcus, to £1,591.

That's a hideous figure but there are faint glimmers of things possibly getting better — or perhaps, not much worse. There was no increase between August and September, and separate figures from the Valuation Office back in January put the median inner London rent at £1,500, 'only' £91 less. However, Stephen Nation who is Head of Lettings for Sequence, is rather more pessimistic, saying "I would expect [demand] will undoubtedly lead to future rent increases before the year is out".