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, the number of properties being marketed at 10% over market value was only 6%. This again is the lowest level in the last 2 years.
These are good lead indicators that rental growth is continuing to show signs of slowing and indeed may even suggest rents could fall later this year.
In this context, landlords need to balance rent increases with the potential for longer periods where their property remains empty.
This price sensitivity is reflected in our top five areas of tenant demand. Our properties in Havering received 398 viewing requests per property compared with our average of 40. With plenty of parks and open spaces and more affordable rents, the top three on our
list regularly appear in the most popular places to rent in London lists. 
With a large number of landlords having to remortgage at significantly higher interest rates, but without the ability to offset cost rises by charging higher rents to tenants, many landlords are feeling the pressure.
One of the trends we are keeping an eye on is the number of landlords that are selling properties due to the increase in mortgage rates. Currently, we see little activity in this regard despite it being harder to pass on any mortgage cost increases through rent. However, landlords do tell us they are feeling the pressure and it is a key reason they are coming to us.
Sources:
All agent fees as advertised on Foxtons, Savills, Chestertons and Dexters websites.
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Hello Neighbour | Lettings Insight Report | February 2024
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