Tenants are moving fast to snap up good deals as rents drop to affordable levels, according to estate agency Cluttons.
A surge in the supply of rental properties over recent months led to a softening in rents across the board during July and August and a surge in the supply of rental property, and now that rents have become affordable once more, tenants are flocking to snap up good deals.
A surge in new rental agreements has occurred as the price expectations of landlords begin to match those of tenants. Over 70 per cent of Cluttons agents report an increase in lettings volumes over the last month, and almost all expect lettings volumes to increase in the capital over the next year as the sales market continues to suffer.
Richard Cotton, Divisional Head of Residential Agency at Cluttons, said, "Confidence in the market is currently very high, and strong lettings figures are a direct result of landlords facing up to the current rental market value of their properties, which have dipped recently, and adjusting their rents to a more realistic level.
"I expect lettings volumes to continue to rise over the coming months, as tenants find they are able to secure the property they want at a fair price.
"The London lettings market is offering excellent value for money, and although there are still plenty of tenants making silly offers, demand for rental property remains high and tenants are quick to snap up good deals," Mr Cotton went on to say.