London lettings market swings in favour of tenants

Kinleigh Folkard & Hayward, one of London’s largest independent estate agents, has seen a 51% increase in the number of homes available to tenants compared with the same time last year. In reaction to the high levels of stock available, tenant levels have also risen by 32% year on year with the average property now costing £1,512.00 per month to rent in the Capital.

While numbers are high however, the rate of renewal has fallen by 9% year on year. The fall however has little to do with tenants not renewing and is rather as a result of tenants keen to tie into longer tenancies, which now average between 14 and 17 months.

Carol Pawsey, Group Lettings Director at Kinleigh Folkard & Hayward, comments: “We’ve seen a remarkable change in the lettings market over the past twelve months. The market in 2012 was firmly in favour of the landlord and was largely led by a lack of stock and a greater pool of tenants so competition was fierce and prices rose accordingly. The start of 2013 has however seen a shift and the market appears to be perfectly balanced with the right number of properties available for a good selection of tenants. Although competition is less prevalent, good quality homes which are realistically priced are certainly in high demand and therefore don’t market for long.”

For further details please contact Kaylene Smith, PR Manager at Kinleigh Folkard & Hayward either by email on kwsmith@kfh.co.uk or call 020 8739 2018.