Tenant demand soars 46%, claims Your Move
Tenant demand has rocketed 46% year-on-year, according to Your Move.
Demand is also up by 15% on a monthly basis, the agency franchise's February report reveals.
New landlord instructions increased by 40.2% on an annual basis, with suggestions that rents may be stabilising.
David Newnes (pictured), managing director of Your Move, says: "I think we could be seeing some light at the end of the tunnel. The flood of new stock coming onto the lettings market as some disgruntled sellers became accidental landlords has ebbed, taking the pressure off rents."
Separately, London-based agency Kinleigh Folkard & Hayward's February lettings report reveals a surge in rental stock in areas such as Earlsfield, Islington, Streatham and Battersea, as more failed vendors enter the rental market.
Caroline Basma, lettings manager at the Earlsfield branch in Wandsworth, says: "Over the last month, Earlsfield has seen the number of properties available to let increase by 75%. If stock levels are to stay high, then we may see rental prices start to come down."
Most of Kinleigh's branches have reported an increased number of tenants, predominantly made up of young professionals and potential first-time buyers unable to obtain mortgages.
However, the Peckham branch is also seeing an increase in the number of people looking for larger properties in order to form house shares, while the number of student tenants in Islington has grown.
Lauren Rapacioli, lettings magnager at the Islington branch, says; "We are generally seeing a market filled with young professionals at the moment.
"However, we are also starting to see students beginning to register their details with us in preparation for the next academic year. These students may have missed out on their perfect property in previous years and are trying to scope out the market with a view to letting from July onwards."
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