CEO & Co-Founder of Hello Neighbour
38% increase in tenant demand during Aug 24
We had 72 viewing requests per property in August, a significant increase from the last three months; however, this is still down compared to last year’s 84 requests.
London rents in August were down 2% from the previous month to £2,395, but up 8% compared to the previous three months. Year-on-year, rents increased by 4.5% compared to August 2023, following a similar trend to previous months.
We are still seeing rental prices stay near the average, with 70% of landlords pricing within 10% of the market rate.
Interestingly, the gap in demand for outer London properties versus inner London has closed, with 88 viewing requests in outer London compared to 78 in inner London, this is a similar trend to Aug 2023 and is is primarily driven by the start of the academic year.
Watford had the highest number of viewing requests over the past three months, with 237 requests per property on average, followed closely by Waltham Forest with 215.
Download the full report here:
Hello Neighbour | Lettings Insight Report | Aug 2024
Related topics
2 Sep
CEO & Co-Founder of Hello Neighbour
In December 2024 we saw lower demand alongside higher rental prices. As the market typically slows during the colder months, a decline in viewing requests is expected at this time of year. We had 28 viewing requests per...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Lettings market similar to last year Nov We had 38 viewing requests per property in November, 10% lower than in Nov 23. London rents in October were down 0.8% from the previous month to £2,126 and down 5.1% compared to...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
4.1% Drop in rental prices vs Oct 23 We had 56 viewing requests per property in October, 10% higher than in Oct 23 London rents in October were down 4.9% from the previous month to £2,144 and down by 6.8% compared to...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
4.5% Drop in rental prices vs Sep 23 We had 62 viewing requests per property in September, in line with 65 last year Sep 23. London rents in September were down 4% from the previous month to £2,268 but up 3% compared to...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Rental prices increase over last 3 months We had 52 viewing requests per property in July, the same as in May and June 2024; however, this is significantly down from last year's 93 requests in July 2023. London Rents in...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Rental pricing decreased year on year in June We had 52 viewing requests per property in June, consistent with May; however, this is significantly down from last year's 80 requests in June 2023. Rents in June within...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
We continue to see signs of a cooling rental market We have seen 52 viewing requests per property in May, down from 62 in April, following a similar trend from last year of a quieter May before the summer months....
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Rents continue to fall We continue to see a fall in rentals within London, from an average of £2,219 last month to an average of £2,115 in April, a 5% drop, with 2-bed properties experiencing the most significant...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
As we flagged last month, we expected to see the growth in rental pricing slow. In fact we have seen a fall in London rental levels from an average of £2,261 last month to an average of £2,219 in March. This is a 2%...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Throughout February 2024, we saw much lower levels of viewing activity with 40 viewing requests per property, a 38% reduction from February 2023 and the lowest level we have seen in the last two years. In February 2024,...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
Coming out of the slower November and December months, we have seen average rental prices increase in January. As widely reported elsewhere, there has been a reduction in tenant demand with Rightmove reporting average...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
Throughout November we have seen a 25% drop in properties being priced 10%+ above market rate, with properties across London and Greater London being priced at lower levels. On average, rental prices have dropped by 4%...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
Demand is lower across all property types / number of bedrooms, however 3 and 4 bedroom rental properties are receiving the fewest amount of viewing enquiries. Despite a slow down in overall viewing requests, Greater...
1 min read
2 Sep
CEO & Co-Founder of Hello Neighbour
We've run the numbers and it's crazy but true – London's landlords are wasting up to £1bn a year paying unfair tenancy renewal fees, when renting their properties through high street letting agents. There are over one...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
Compared to last month, £2,311 per month represents a 2% reduction in the average cost to rent a property in London and Greater London. That said, prices are still up by 3% compared to mid-2023. Over the last 3 month's,...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
Throughout August, average rental prices per month were higher than the previous 3 months – driven by price increases on 3 bed properties of 12%. That said, there was an 8% drop in rental prices of 1 bed properties. We...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
We are seeing the highest number of viewing enquiries in Greater London areas such as Enfield, Redbridge, Romford and Kingston upon Thames. Despite this, month on month rental prices are down as tenants look further...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
This might suggest that despite the supply/demand imbalance, the extraordinary rent increases of the last period are coming to an end. The tenant location wish list is also reflecting acceptance of greater commute...
1 min read
2 Sep
Chief Marketing Officer at Hello Neighbour
Hosted at Old Billingsgate, London from 9am-5pm on the 4th July, Hello Neighbour are delighted to be exhibiting at the National Landlord Investment Show.
1 min read
COMMENT