The latest Hello Neighbour lettings insight report shows there were 52 viewing requests per property in July 2024 – the same as in May and June but significantly down from last July’s 93 requests per property.
The index also showed that London rents in July were up 7% from the previous month to £2,452 and 14% compared to the previous three months.
The percentage of landlords pricing above market rates was 35%, down from a three-month average of 45%. According to Hello Neighbour, this demonstrates a seasonal increase in pricing as we moved into summer.
In July 2024, rents increased by 3.9% compared with the corresponding period of the previous year.
Hello Neighbour said there was continued higher demand for outer London properties in July, with 85 viewing requests compared to 72 for inner London.
Havering took the top spot for the highest number of viewing requests over the past three months, with 216 requests per property on average, followed closely by Watford, with 213.
Assuming that the 94 viewings in the past and the 52 viewings now did result in the property being let to somebody who could demonstrate that they could pay the rent being asked, rents have not reached an unaffordable for everybody peak. Only when the enquiry rate from suitably qualified applicants drops to zero will we start to see rents actually drop.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register