London estate agency Chestertons has warned tenants in the capital to be prepared for a highly competitive property search this summer as its May figures showed 40% more tenants enquiring about rental properties in May compared to April.
It believes that May marked the beginning of the most competitive season for tenants in London.
Chestertons’ figures also show that its branches carried out 24% more viewings in May and received 29% more offers from prospective tenants.
Richard Davies, COO of Chestertons, said, “London has one of the most competitive rental markets out there, and tenants have to act quickly and be prepared to compromise in order to secure a property.
“At this time of year many large companies start relocating staff to London and students start looking for properties in time for the next academic year, meaning there are more renters competing against each other.”
However, one bit of good news for tenants is that Chestertons’ data reveals a 17% increase in the number of available properties in May compared to the same month last year and a 5% increase in homeowners looking to bring their property onto the rental market.
Some of the capital’s most sought-after areas for tenants, according to Chestertons, include Islington, Canary Wharf, South Kensington, Covent Garden, Fulham, Little Venice and Battersea.
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