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. However, there are 16% fewer requests in May 2024 compared to May 2023.

Rents in May within London are up from last month but 1% down compared to the previous three months, with an average rental in May of £2,155. There has been an increase across every bedroom size.
We have seen year-on-year growth at its lowest level compared to the previous 12 months, with an increase of only 1% in May.
There has been a 32% drop in the number of landlords pricing above market rates in the last 12 months.

We continue to see higher demand for outer London properties in May, with 84 viewing requests compared to 69 for Inner London.
Barking and Dagenham takes the top spot for the highest number of viewing requests over the past three months, with 192 requests per property on average.

Insight Data Set Mat 2024

Reducing House Prices in the South East
Zoopla recently released their House Price Index report (29 May). Although it is not their lettings report, there are some interesting statistics within the report.

The same affordability and mortgage pressures that are driving rents to flatten in London (only up 5.1% in Zoopla's March rental market report) are impacting the sales market, with house prices in London and the South East dropping by 0.5% and increasing in more affordable regions.

Currently, there are 392,000 homes in the sales pipeline across the UK, which is 3% higher than this time last year. Although the election announcement is expected to stall the speed at which new sales are being agreed upon, Zoopla does not expect buyers already in the completion process to pull out.

Zoopla states that first-time buyers are motivated to buy because they are looking to escape the rapid growth in rents in the private rented sector.

Zoopla sales info

Zoopla March lettings report

5 Questions


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Hello Neighbour | Lettings Insight Report | May 2024