Property News > London’s rental market boosted as workers return to offices

London’s rental market boosted as workers return to offices

June saw a 24% increase in the number of tenancies agreed compared to May as tenants prepared to return to workplaces, according to the latest market analysis by Chestertons. 

The research also revealed that tenants who got in early were well-placed to take advantage of the cheaper rents, which had fallen to an 18-month low but are now on the rise again as the supply of available properties begins to contract. 

Indeed, over the past three months, rents in Greenwich are up 4.9% - the largest increase seen across the capital - followed by Kew at 4.7%, Knightsbridge at 4.7% and Battersea Rise at 3.9%. 

Richard Davies, head of lettings at Chestertons, said: “As UK businesses are preparing for the reopening of offices, London’s lettings market is already witnessing the return of the city worker, rushing to rent a home in close proximity to work. Chestertons agreed the highest ever aggregate number of tenancies for any first half year period. Adding to the demand is the imminent return of international students and corporate tenants which, since some easing of travel restrictions, has already been evident.”

Chestertons lettings division also compared demand from all tenants - both UK and international - in June against May, and found applicant numbers increased 29% while the number of tenants who moved into a new flat were up 17%. In addition, the number of offers received for properties increased by 16%. 

Meanwhile, the number of properties available to rent in June fell by 4% against May and by a third year-on-year. 

Battersea & Clapham has seen the largest decrease in the number of properties available to rent in June 2021 versus June 2020 at 68.2%, followed by Hyde Park at 65.5%, Richmond at 65.2% and Notting Hill at 63.6%. 

Related Articles

Zephyr Homeloans makes its 80% LTV mortgage products more accessible

Buy-to-let lender Zephyr Homeloans is extending its access to its 80% LTV standard mortgage products to all intermediaries.   The Computershare-owned specialist lender revealed all brokers applying for two-year fixed-rate standard property ...
View >>

Swansea revealed as best location to invest in student property

Student property landlords with rentals in smaller university towns or cities generally generate the best returns, according to new research from Paragon Bank.  Indeed, the findings reveal the top 10 best ...
View >>

Student housing scheme in Coventry reaches completion

A £32 million 504-room student housing development in Coventry’s university district has been completed.  The Parkside Infinity project, delivered by London-based architecture studio, Apt, for UNINN Parkside Development Ltd. is a ...
View >>

Need Help?

Thank you. We will give you a call back as soon as possible!
Name *
Email *
Phone *
When would you like a callback? *