Latest statistics show demand for properties within London’s rental market is cooling dramatically, with hybrid lettings agency Hello Neighbour reporting 52 viewing requests per property in July, down from 93 a year ago.

Despite this fall in viewing requests, the lettings agency says London rents were up 7% month-on-month to £2,452 or a rise of 14% compared to the previous three months. The percentage of landlords pricing above average market rates was 35%, down from a three-month average of 45%.

Slowdown

Hello Neighbour says recent rent increases are the result of the usual seasonal rises in pricing as we move into summer and demand drops. Year-on-year figures show rents increased by just 3.9% compared to July 2023 which is more indicative of the current slowdown than the monthly figures.

Conditions vary across the Capital – demand is notably higher for outer London, with 85 viewing requests compared to 72 for inner London.

And, according to Hello Neighbour, Havering takes the top spot for the highest number of viewing requests over the past three months, with 216 requests per property on average, followed closely by Watford with 213.

Hello Neighbour is a hybrid property letting and management company. With no renewal fees, no extra fees and no maintenance mark-ups, their aim is to make property letting “simpler, faster and more affordable”.