London tenant enquiries up 13% in August, Chestertons finds
Katinka Hill, head of lettings at Chestertons, said: “We expect this momentum to continue into September."
Enquiries from prospective London tenants rose by 13% year-on-year (YoY) in August, according to the latest analysis from Chestertons.
Tenant enquiries had fallen YoY during each of the five months before the Renters’ Rights Act took effect on 1st May.
Enquiries then rose by 17% in May and 10% in June before falling by 7% in July.
New landlord instructions increased by around 6% YoY in August.
Katinka Hill, head of lettings at Chestertons, said: “As the report states, August brought an increase in activity across London’s rental market, which doesn’t surprise me and is in line with usual seasonal trends.
“We also expect this momentum to continue into September now that schools have returned and people are back from holiday.
“Achieved rental prices are holding firm, which is a positive sign.”
Hill added: “A notable trend we’ve seen since the Renters’ Rights Act took effect on 1 May is that tenants are taking longer to make decisions, weighing up their options more carefully.
“This is because they have increased flexibility to move, and there are plenty of quality homes to choose from.’’
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