Date Published 26 April 2013
The number of new applicants seeking to rent in March is up 21% from February – a sign of strong spring bounce in demand according to Sequence Lettings.
Demand has outstriped supply as the number of available homes to rent rose only 5% with average monthly rents for March, at £704 unchanged on February.
The number of agreed new tenancies rose 13% in March and are up 19% on a year ago as ‘Generation Rent’ takes hold – London tenancies are up 12% on the month and 20% over the last year.
London rents remained flat at £1,375 but still almost twice the national average. Londoners seeking to rent undertake an average of 11.3 viewings per let property, 33% more than the country as a whole (8.5)
Stephen Nation, Head of Lettings at Sequence, owners of Barnard Marcus, William H Brown and Fox & Sons and other leading brands, comments:
`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