Demand Remains High In And Around London For Rental Property
Staying in touch with the London rental market is often a full-time job in itself, so we know why many landlords’ struggle. At The Letting Line, we cover Enfield and surrounding areas, and we know there is great demand for property in this part of the capital.
There has been a lot written in the past year about people leaving homeowners, but the reality of the situation is nowhere near as bleak as is pointed out. Yes, people want more space, and remote working offers fresh opportunities, but areas like Enfield offer the best of both worlds for many people.
We have seen significant demand for rental property locally, and by what trusted sources in the London rental market have been saying, we know others are experiencing this too.
If you are looking for information or guidance on the Enfield letting market, please get in touch, and we will be more than happy to help.
Demand for rental property in London is growing
Recent analysis indicates demand for rental property in the capital is on the rise:
There has been a 19% increase in the demand for rental property across London
The supply of rental property in London has fallen by 42% compared to July of 2020
There has been a drop of 63% in rent reductions compared to the July 2020 figures
Rent rises have happened in some areas of London
Areas where there have been rent increases in London include:
Hyde Park, with a rise of 31%
St John’s Wood, which has experienced an increase of 27%
Fulham, where there has been an increase of 21%
There has been a fall in tenant withdrawals
22% fewer tenants withdrew from their planned rental agreement when comparing July 2021 to July 2020
There was a rise of 16% for tenants moving into their new home for this time-period
Richard Davies, a prominent figure in the UK lettings sector, said; “Whilst there were deals to be had during the height of the pandemic and the first quarter of this year, tenants are now entering a much more competitive market. Since the easing of lockdown restrictions, we have been witnessing an evident surge in tenant enquiries across London. This has resulted in the number of available properties dropping to pre-pandemic levels, which will inevitably lead to an increase in rents. Tenants who are eager to still find more property for their money, may wish to consider the locations of Canary Wharf, Kentish Town, Bermondsey and Pimlico where rents are still comparably low.”
A similar study reinforces the mood that things are on the up in the London housing market:
In January of 2020, the average rent in the capital was £1,627 per month
By December of 2020, the average rent in London dropped to £1,556 per month
In July 2021, London rental values rose by 2.4% in the previous month and are 5.7% higher than the December 2020 figures
In the last quarter of 2019, there were 47,000 rental properties were available in London
In the third quarter of 2020, the supply of rental properties rose to more than 100,000
More recently, the supply of rental property in the capital has dropped to 64,206
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.