September: Peak Letting Time
Posted in September 2021
September is the perfect month for anyone interested in letting their property as the rental demand in London continues to grow.
The demand for rental property is the highest it has been for the last 18 months. As many across the country continue to get vaccinated and final Covid social distancing measures have been lifted, thousands of people are now moving back to London to live and work and are actively looking for a property to rent.
Historically, September is always one of the busiest months in sales and lettings and 2021 is no different, despite by the many challenges caused throughout the year by the Covid pandemic. However, whilst the rental demand is at a record high, there continues to be a massive shortfall of good property available.
The last 2 months have seen a 41% increase in tenant applications compared to May and June. On average, the number of tenant enquiries for each property on the market is 29. This is 1.7 times higher than recorded (also) in May and June and is therefore, showing an upward trend in demand, with the expectation and forecast for September 2021 to be even busier.
In addition, the London rental market has seen an average monthly rent increase of 6% from £1,631.10 in July to £1,725.77 in August - much steeper than recorded in any other part of the country.
David Andrew Managing Director – David Brett said ‘Due to the acute housing shortage the industry is experiencing at the moment, September is the perfect month and timing for anyone interested in letting their property. Vigilant buyers and renters are actively searching at the moment, which means that good properties are likely to get snapped up very quickly. But if you delay and don’t act now, the window of opportunity for 2021 will start to close by the end of October.”
To take full advantage of the market opportunities available right now, please contact your local David Andrew Lettings Manager today to book your FREE valuation - Archway: 020-7619-3750, Highbury: 020-7354-9111, Stroud Green: 020-7281-2000 or email info@davidandrew.co.uk
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