The number of tenants that rented a new home in London during December was double that of December 2019, according to the latest figures by Chestertons.
An estimated 88% more rental properties were available compared to 2019, as well as prices being lower in many areas, which Chestertons equated to being its busiest December on record.
Activity was further boosted by a promotion it ran, where many landlords offered a rent-free period on their property in December.
It received 69% more enquiries from tenants, conducted 61% more viewings and processed 63% more offers than December 2019.
As a result of the large number of available rental properties on the market, prices remained under pressure and around 20% of landlords decided to drop their asking price.
Prices for flats with no outside space have been hit especially hard whereas larger family houses have generally maintained their rental values, according to Chestertons.
Richard Davies, head of lettings at Chestertons, said: “December is usually the quietest month of the year for the rental market as very few people want to view properties and move, however, with less Christmas parties and another lockdown on the cards, we had a very busy month and helped a record number of tenants move.
“The current lockdown has obviously put the brakes on the market, but once cases get back under control and restrictions ease we expect activity to catch-up pretty quickly and are anticipating a strong spring market.”