Recent data indicates a sizable growth in the availability of rental properties in London.
In Greater London, there is a 34.7% increase in rental properties, while the overall increase in rental homes is 43% compared to last year, as reported by Benham & Reeves.
Across the country, the number of available rental homes has climbed by 12 percent from last year, totalling 154,510 properties.
Marc von Grundherr, the director of Benham and Reeves, notes that although the London market will appreciate the higher stock, it won’t be enough to completely balance out the mismatch between supply and demand.
“The London rental market is still highly competitive with a strong demand for homes as soon as they hit the market, with numerous tenants eagerly applying and arranging viewings,” he further comments.
According to Benham & Reeves, the first quarter of 2024 saw 45,200 flats for rent in Greater London, a rise from 33,562 the previous year.
Rental prices in London appear to have reached their highest point in February after climbing roughly 30% in two years.
Grundherr points out that “rental stock levels are some of the lowest seen in the past ten years, and we often see an average of 21 applications for each listing within 24 hours of a property being advertised.”
