From its latest data an agency states there is a shocking 125 per cent rise in the number of landlords opting to lower advertised rents in February.

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The agency claims the reason being is a natural reaction to changing market conditions across London.

The agency believes rents have plummeted by as much as 10 per cent in some areas in the capital compared to February last year, whilst there is now 40 per cent more properties available to rent when compared to the same time last year  because of a drop in potential tenants wanting to move.

Bearing in mind these two factors landlords are being put under pressure to ‘attract’ new renters and of course reducing prices will help and more importantly reduce expensive void periods. 

A spokesperson for the agency, says: “February didn’t see the volume of new tenants entering the market that many landlords had expected.

“At the same time, the number of available rental properties continued to rise which has left landlords little option but to start reviewing their prices.

“Landlords that have become accustomed to continually rising rents since Covid and aren’t willing to adjust to the current market conditions are increasingly finding themselves with empty properties, a situation which was very rare last year.”