15th
Apr 2022
A UK estate agency says landlords certainly have the ‘upper hand’ in the most sought after rental market across the Home Counties and London.
With higher demand against lower supply of privately rented homes in central London average rental prices have risen by 3.5 per cent in the first quarter of the year.
However in the prime rental area in outer London there was a 2.5 per cent rise.
Rental prices increased by just over a fifth in March this year – 21 per cent in outer London whilst in central London by 26.3 per cent when compared to March last year.
Since Covid, rents in prime central London are 8.2 per cent higher than they were since the pandemic raised its ugly head and 7.2 per cent in outer London.
The agents says the number of market valuation appraisals is a major gauge of PRS housing supply which increased by 25 percent in the last twelve months, whilst there was a 48 per cent increase in new applicants.
Gary Hall, head of lettings at the estate agents, says “Demand is still outstripping supply.
“It’s good news for landlords as it means void periods are very short. For tenants, it is still a tough market and decisions need to be taken quickly. It has been this way for nine months and I can’t remember seeing these sorts of conditions for this length of time.”
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