Advertised rents in Greater London saw a 6.1% increase in September compared to the same period last year. However, tenants are reportedly securing rental agreements below the initial asking price.
The average advertised rent in September, according to Hello Neighbour's figures, was £2,448. This figure represents a £38 decrease from August. For properties advertised and subsequently let by Hello Neighbour between July and September, agreed rents were 2.5% lower than the asking prices.
Richard Jenkins, chief executive of Hello Neighbour, noted that advertised rents tend to respond quickly to new pricing decisions. He anticipates that agreed rents will continue to trail asking prices, citing current affordability levels and stable demand.
The number of homes available to rent in London in September was down 6% compared to a year ago, with inner London experiencing a sharper decline of 13%. Hello Neighbour also recorded fewer enquiries per property in September, with 34 enquiries compared to 40 in August and 45 a year earlier.
Annual growth in Hello Neighbour's advertised rents slowed to 9.8% in August. HomeLet, which tracks agreed rents, reported a London average of £2,272 in September, with its annual growth easing to 3.3% from 5.1% in August.