Renters return to capital in droves as applications double
Tenant applications for London rental properties more than doubled in the last six months, as the return to the capital gained pace.
Applications for London homes were up 104 per cent compared to the previous six month period, when uncertainty over lockdowns raged.
There has also been a 173 per cent jump from the peak of the pandemic last year – April 2020 to September 2020.
Renters fled the capital during the pandemic, in pursuit of cheaper rents after the government instructed people to work from home.
However, footfall in London has jumped up since September, when offices began encouraging city workers back to the office.
The proportion of London rental properties listed on the market that have seen a let agreed now sits at 39 per cent in the last six months. This is a slight increase from 36 per cent between October 2020 and March 2021.
“It’s fair to say that the green shoots of rental market positivity that had started to spring at the back end of last year have now blossomed quite considerably and we’re now seeing the London rental market start to build a real head of steam,” Bective’s head of lettings and property management, Thomas Dainty, said.
Renewed interest was helping to clear a backlog of rental market stock that had “otherwise sat dormant for much of last year,” Dainty said.
Rents are expected to recover to pre-pandemic levels, with homes offering plenty of space experiencing considerable hikes in value.