20 Sep

Drop in asking price tenancies

Drop in asking price tenancies

There has been a drop in the number of tenants paying above rental price for central London properties, finds the latest data.

Figures from the Countrywide lettings index shows only eight per cent of homes in central London were rented for more than the asking price in August, compared with 17 per cent in August 2015.

There was also a fall in Greater London, with 13 per cent of properties let above their asking price - down from 17 per cent 12 months earlier.

It is thought an increase in the number of properties on the market has given tenants greater bargaining power, with the average rent now standing at £960 a month - still 1.5 per cent higher than in August 2015.

“In London and the South East recent increases in the number of homes available to rent, outpacing the growth in tenants looking for a home, has meant that bargaining power is shifting towards tenants from landlords. This is slowing rental growth,’ said Johnny Morris, research director at Countrywide.

He added: “The majority continue to pay asking prices. Unlike the sales market rental prices adapt very quickly to changes in market conditions, meaning asking prices are finely tuned to tenant demand.”ADNFCR-1222-ID-801825427-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.