Rental interest up 21pc in March
Nationally March has seen both new applications by individuals seeking to rent and the number of properties available to rent rising by 21% and 5% respectively.
The number of agreed new tenancies rose 13% in March and increased by 19% on a year ago as with London tenancies rising 12% on the month and 20% over the last year.
Stephen Nation, head of lettings at Sequence, said: “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.”
The average monthly rents for March held at the February level of £704, while London rents remained flat at £1375 – almost twice the national average.
Nation said: “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.”