The London’s letting market experienced a years like no other in 2020 and 2021, with a mass desertion of tenants during lockdown followed by an even greater influx as restrictions were lifted. The “return to the office” has had a huge effect on the availability of rental stock and at no time in my ten years in London Property, have I seen such a dearth of available stock. This lack of stock has had the inevitable effect of an increase in prices, as tenants fight for the stock that is available with many ending up spending a lot more than they wanted to. The year has got off to a similar start with the vast majority of tenants choosing to renew rather than take their chances in finding new accommodation. This means less turnover of stock and less choice and this will most likely be the flavour of things for the rest of the year. As always, the highest offer is not always the best offer, and we are using this market to secure our landlords the best prices, along with the best quality tenants and security of a long tenancy.
Matt Brooke – Area Manager