There were 40% more tenants enquiring about rental properties in the capital in May compared to April although there has been a significant increase in property coming to the market, figures from London agent Chestertons reveal.

The agency is warning tenants to be prepared for the worst as the traditional lettings season is well underway with its branches carrying out 24% more viewings in May and receiving 29% more offers from prospective tenants.

PROPERTIES

But the data also revealed a 17% increase in the number of available properties in May compared to the same month last year and a 5% increase in homeowners looking to bring their property onto the rental market.

Richard Davies, Chief Operating Officer of Chestertons, says: “London (main picture) has one of the most competitive rental markets out there and tenants have to act quickly and be prepared to compromise in order to secure a property.

“At this time of year many large companies start relocating staff to London and students start looking for properties in time for the next academic year, meaning there are more renters competing against each other.”

According to Chestertons some of the capital’s most sought-after areas for tenants include Islington, Canary Wharf, South Kensington, Covent Garden, Fulham, Little Venice and Battersea.

APPOINTED

Meanwhile Chestertons has appointed Giles Milner as its first Chief Marketing Officer.

Milner takes the more strategic role in order to support the agency’s growth plans having worked as the company’s Marketing Director for over 10 years.

After a spell as a sales agent at Foxtons, Milner enjoyed a career in marketing communications before joining Chesterton Humberts in 2011 as PR and Marketing Manager.

In 2012 he took over the agency’s Marketing department and became Marketing Director in 2014, the same year it re-branded to Chestertons.

John Ennis, Chief Executive of Chestertons, says: “Giles’ motivation and passion is continuously felt throughout Chestertons and his hard work and creativity has allowed the business and brand to become what it is today.

“After joining the company last year I quickly recognised the vital contribution he makes to the business and his elevation to CMO is recognition of that.”