There was a sharp rise in the number of tenants moving home in the capital last month, new figures show.

The number of tenants moving property in London increased by 45% in September compared to the same month last year and up by 53% compared to August this year, as many tenants that usually moved earlier in the summer finally made their move after delaying it due to Covid-19, according to fresh data released by Chestertons.

September is historically the busiest month of the year for the rental market in London but while last year saw the number of tenants moving increase by 31% between August and September, this year the figure was 53%, suggesting that more tenants had decided to move later in the year than normal, while there also a notable rise in the number of overseas tenants returning to the capital.

Other figures reveal that the rental market is still strong in the capital, with enquiries on rental properties up 49% compared to last September and both viewings and offers up by 47%.

However, at the end of September there were double the number of rental properties available on the market compared to last year, meaning that tenants have far more choice and are negotiating harder on prices.

Consequently, there was a 325% increase in the number of landlords that decided to reduce their rents.

Richard Davies, Chestertons’ head of lettings, commented: “September was an exceptionally busy month as we saw overseas tenants start returning to London and a jump in the number of students taking properties as universities confirmed their teaching schedules.

“All the signs point to the market to remaining busy throughout October too, and we have done 74% more viewings so far in October than we did last year, and moved 55% more tenants into new properties. However, it is very clear that only sensibly-priced properties will find tenants in this market and most landlords are reacting quickly to this by adjusting their prices accordingly.”