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 are seeing the highest number of viewing requests in Greater London areas such as Redbridge, Havering, Newham, Romford and Dartford, with demand more than 2 times the average.

Lettings Insights-Aug-Data 1


The demand and supply imbalances we are seeing, is also reflected in data by our property marketing partners Rightmove.2 Their research shows a 42% increase in demand for lettings properties across the UK (since 2019). Yet, since last year the amount of rental properties on the market have increased by only 7%.

Lettings Insight Data 2

With the incentive to build more homes lacking, we believe this imbalance will continue for the foreseeable future.

With such high levels of demand – but with the ability to effectively manage marketing and viewings through our technology – we typically receive offers on lettings properties within just 6 days. However, online searches reveal that affordability and proximity to local parks, coffee shops and restaurants can give certain types of properties an advantage.

Hello Neighbour is a UK property lettings company powered by technology – making home renting simpler, fairer and faster than ever before.

The insights in our reports are based on over 10,000 tenant enquiries; nearly 200 properties we onboard every month; as well as the 1,400 properties we already let and manage.

Hello Neighbour | Lettings Insight Report | August 2023

1. BBC: "Renters compete with 20 others in battle to find a home" 
2. Rightmove: "Rental Price Tracker, Q2 2023"