January’s Lettings Market Report suggests we’ll see a gradual, consistent growth in the market with lettings supply filtering in across the year, instead of the rapid spikes of 2022.
Our experts recommend that renters set aside more time for their property search and move fast when they see something they like. There is an opportunity for landlords to invest in buy to let property and contribute to London’s supply – book a valuation to get started.
Key statistics:
- Compared to January 2022, which acted as an outlier, demand was down slightly by 4%. However, compared to the more traditional rental landscape in January 2020, demand was up 77%.
- New listings in January were above 20,000, which was 7% lower than the same period last year.
- The average rent achieved in January 2023 remained flat for the third consecutive month, hovering near the record highs seen recently.
- South and West London were the most competitive areas in January 2023, with 29 and 27 renters per new instruction respectively.
