Tenants face hardest market as London’s ‘Lettings Season’ commences

London property company Chestertons has warned tenants within the capital to be ready for a extremely aggressive property search this summer season as its Might figures confirmed 40% extra tenants enquiring about rental properties in Might in comparison with April.

It believes that Might marked the start of essentially the most aggressive season for tenants in London.

Chestertons’ figures additionally present that its branches carried out 24% extra viewings in Might and acquired 29% extra provides from potential tenants.

Richard Davies, COO of Chestertons, stated, “London has one of the vital aggressive rental markets on the market, and tenants need to act shortly and be ready to compromise in an effort to safe a property.

“Right now of 12 months many massive corporations begin relocating workers to London and college students begin on the lookout for properties in time for the subsequent educational 12 months, that means there are extra renters competing towards one another.”

Nonetheless, one bit of fine information for tenants is that Chestertons’ information reveals a 17% improve within the variety of accessible properties in Might in comparison with the identical month final 12 months and a 5% improve in owners seeking to deliver their property onto the rental market.

A few of the capital’s most sought-after areas for tenants, in line with Chestertons, embody Islington, Canary Wharf, South Kensington, Covent Backyard, Fulham, Little Venice and Battersea.