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% compared to the previous 3 months of this year.
However, while the average number of viewing requests we receive for every property we market has fallen, (from a high of 93 per property in July to 42 per property throughout November) we are still receiving significantly more viewing requests for rental properties in London / Greater London compared to the national average of 25 viewing requests per property.
Throughout 2023, there have been reports of landlords selling rental properties, with some news of landlords leaving the lettings sector. However, research provided to us by our advertising partners Rightmove, reveals a different story. According to their *survey, 88% of landlords have maintained or grown their property portfolio in the last year. Further, nearly 60% of landlords expected to maintain or increase their portfolio in 2023/24.
Data also indicates that landlords are finding alternatives to traditional agents, with 36% of landlords choosing to let their properties without the assistance of a high street agent.
Sources:
Rightmove Spring Survey, April 2023
Download:
Hello Neighbour | Lettings Insight Report | November
With over 500 signatures to date, Hello Neighbour are encouraging UK landlords, to sign up to a petition to Stop Renewal Fees with the aim of stimulating a national conversation about unfair fees in the lettings sector.
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