Latest data from estate agency Chestertons has revealed a 125% rise in the number of London landlords choosing to lower asking rents in February, amid shifting market conditions.
The agency also claims rents have fallen by up to 10% in some areas, compared to the same time last year.
According to Chestertons, landlords’ are pressured to reduce their prices to secure tenants and prevent costly void periods, as figures show fewer tenants are actively looking to move — despite there being nearly 40% more properties on the market for rent in London compared to 2023.
The agency predicts that if rents continue to fall over the next couple of months, more tenants will opt for longer-term tenancies, which could rapidly deplete the flow of rental properties on the market.
“February didn’t see the volume of new tenants entering the market that many landlords had expected; at the same time, the number of available rental properties continued to rise which has left landlords little option but to start reviewing their prices,” says Adam Jennings, head of lettings at Chestertons.
“Landlords that have become accustomed to continually rising rents since Covid-19 and aren’t willing to adjust to the current market conditions are increasingly finding themselves with empty properties, a situation which was very rare last year.”
