The number of new applicants seeking to rent in March is up 21 per cent from February – a strong spring bounce in demand. Demand outstrips supply as the number of available homes to rent rises only 5 per cent.
However, average monthly rents in March were unchanged from February at £704.
The number of agreed new tenancies rose 13 per cent last month, up 19 per cent on a year ago as ‘Generation Rent’ takes hold – London tenancies were up 12 per cent on the month and 20 per cent over the last year.
Meanwhile, London rents remain flat at £1,375 but still almost twice the national average
Londoners seeking to rent undertake an average of 11.3 viewings per let property, 33 per cent more than the country as a whole (8.5).
|
|
March 2013 | % Change Since
February 2013 |
% Change Since
March 2012 |
| National Monthly Rent | £704 | 0% | -1% |
| New Tenancies Agreed | – | +13% | +19% |
| London Monthly Rent | £1,375 | 0% | 0% |
| New London Tenancies | – | +12% | +20% |
Stephen Nation, Head of Lettings at Sequence, owners of Barnard Marcus, William H Brown and Fox & Sons and other leading brands, comments:
“We have seen a strong seasonal uplift in demand for rented accommodation with over 12% growth in the number of new tenant applicants, viewings and agreed tenancies. However, we would expect a rise at this time of year so it is too soon to judge whether this strong demand will result in any significant rent rises in the coming months. So far this year we have seen rents remaining remarkably stable.
‘Monthly Rents of £1,375 in London remain almost double the national average of £704. Londoners seeking rented accommodation are currently viewing an average of 11.3 properties before securing an agreed tenancy, compared with an average 8.5 viewings for the nation as a whole’
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