London residential tenancies rise 19%

[Landlord]

Estate and letting agent, Your Move, has reported that the number of people renting in London has risen by 19% in the past year.As first-time buyers hesitate to enter the market and mortgages remain both expensive and in short supply, residents of the capital have turned to the rental sector, bringing an end to several [...]

More: London residential tenancies rise 19%

[BarryM]

Exactly what we're finding on the ground. The trend is towards smaller, affordable one bedroom flats to rent which are now becoming scarce and rents are up on these flats. Larger flats being marketed to let instead of selling are getting offers from sharers who had been an increasingly rare phenomenon over the last couple of years as rents and demand from corporate tenants in London soared.

What will be interesting to see will be the effect on the sales market at any glimmer of more positive news. There is alot of pent up demand from would-be FTBs who will be renting and waiting for the "right" moment to buy.

Sales prices have stayed pretty much firm too (in the areas of Notting Hill, Kensington, Fulham, etc covered by our offices) as people "wait and see'. We're seeing more established buy to let investors taking advantage of increased choice and rising rents to increase the size of their property portfolios in prime areas of London.