In reaction to the high levels of stock available, tenant levels have also risen by 32% year on year with the average property now costing £1,512.00 per month to rent in the Capital.
While numbers are high however, the rate of renewal has fallen by 9% year on year. The fall however has little to do with tenants not renewing and is rather as a result of tenants keen to tie into longer tenancies, which now average between 14 and 17 months.
Carol Pawsey, group lettings director at Kinleigh Folkard & Hayward, said: “We’ve seen a remarkable change in the lettings market over the past twelve months.
"The market in 2012 was firmly in favour of the landlord and was largely led by a lack of stock and a greater pool of tenants so competition was fierce and prices rose accordingly.
"The start of 2013 has however seen a shift and the market appears to be perfectly balanced with the right number of properties available for a good selection of tenants. Although competition is less prevalent, good quality homes which are realistically priced are certainly in high demand and therefore don’t market for long.”
