Lettings enquiry numbers on the up as London rents continue to fall
Hello Neighbour's Richard Jenkins says that as rents drop, the number of enquiries per property has increased again, from 45 last month to 65 in April.
Lettings platform Hello Neighbour says the number of properties in London priced at 10% plus above market rates is at its lowest level it has ever seen, as London rents continue to fall.
The platform says just 4% of property is being priced above the 10% mark.
ENQUIRIES INCREASED
Overall, the number of enquiries per property has increased again, from 45 last month to 65 in April, slightly lower than last year’s 67.
Hello Neighbour reports there was much higher demand for outer London properties in April, with 86 enquiries compared to 54 for inner London, which is driving a change in the 3-month average.
Richard Jenkins (main picture), Hello Neighbour Chief Executive and Co-Founder, says: “We continue to see a fall in rentals within London, from an average of £2,219 last month to an average of £2,115 in April, a 5% drop.
“The pressure on rents continues to be reflected in landlord behaviour, with the highest proportion (77%) we have ever seen pricing within 10% of the market price.”
PRESSURES
He adds: “The pressures from the increased mortgage rates alongside rents stabilising or falling will continue to put pressure on landlords, so it is more important than ever for landlords to be aware of alternative letting and management products in the market that can help relieve the burden of these additional costs.”
The Neg revealed last month how Hello Neighbour had launched an end-to-end self-service lettings platform allowing landlords to receive and evaluate multiple offers, register deposits and take open-banking references.
The self-service platform takes landlords from beginning to end of the entire letting lifecycle and is believed to be an industry first.
