There has been a significant increase in the number of rental properties available in London, new figures show.

The volume of rental homes on the market is up 34.7% in Greater London, while rental stock is up 43% year-on-year, according to the data from Benham & Reeves.

Country-wide available stock rose by 12 per cent year-on-year, to 154,510 rental properties.

While the increase in London stock will be “warmly welcomed by those who are still on the hunt” it is unlikely to bridge the supply-demand imbalance, the director of Benham and Reeves, Marc von Grundherr, said.

“The London rental market remains an extremely competitive place and we’re seeing huge demand for homes right from the point they are reaching the market, with tenants falling over themselves to view and apply,” he added.

There were 45,200 flats available to rent in Greater London in the first quarter of 2024, up from 33,562 in the same period last year, Benham & Reeves said.

Rents in the capital seem to have peaked in February, after rising around 30% in the last two years.

“As it stands, we’re still seeing some of the lowest rental stock levels that we have had in the last decade and, as a result, we’re receiving an average of 21 applicants per listing within just 24 hours of a property going live” Grundherr said.

Letting agents are receiving 13 tenant enquiries for every rental home