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, Hello Neighbour have also continued to see high tenant demand for properties in areas such as Redbridge, Romford, Hammersmith and Fulham.
 
Lettings Insights-Sept-Data 1


Last month, we referenced data provided by one of our preferred marketing partners: Rightmove. This month, it's another one of our preferred partners: Zoopla. Both sources demonstrate similar trends,
with demand for rental properties growing significantly since 2017 and continuing to outweigh supply.


Homes for rent on Zoopla per branch

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Enquiries per home for rent

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Outside of regional markets, owning a property is still proving prohibitively high compared to renting. It would seem high tenant demand is here to stay for the foreseeable.


Cheaper to buy or rent a property?

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Source: Zoopla Research – assumes renter buys the home they rent using a 30 year term with an 85% LTV mortgage.

 

Interestingly, there are approximately 10 properties to rent per letting agent (across both Zoopla and Rightmove). In contrast, Hello Neighbour onboard between 150-200 new rental properties every month (equivalent to 15 letting agent branches) – highlighting the growing appetite for our simpler, fairer and faster approach to lettings.


Powered by tech, driven by people, Hello Neighbour is a property letting and management company. Managing over 12,000 tenant enquiries and nearly 200 new properties per month, we’re on a mission to change lettings for good.


Download:
Hello Neighbour | Lettings Insight Report | September 2023