Demand From Tenants In London Spikes
The survey by Paragon Bank reveals rising demand from tenants over the past 3 months as almost 80% of landlords in Outer London report increased numbers.
The most recent research analysed the tenant demand in Q2 2022, with the number of landlords reporting increased demand hitting 85%, making Outer London the top-performing region regarding the net increase in tenant demand.
Apart from analysing demand over the past three months, the research also highlights the current levels. It is another metric that shows the robust activity of the Outer London private rental market since Q1 2022.
Rising Rental Demand In 2022
In the South West, 90% of landlords report increasing demand from tenants over the past several months. However, Outer London outperformed other regions in the growth levels, with demand rising from 72% in Q1 to 85% in Q2 2022.
In addition, another research by BVA BDRC reveals falling rental void periods over the past 12 months.
In Q2 2021, around 35% of landlords in outer London reported void periods within the past three months. In Q2 2022, the same numbers reached just 21%, meaning falling void periods for landlords in Outer London.
Paragon Bank highlights the brutal impact of the pandemic on the private rental market in London. However, it has rebounded as the latest figures show further evidence of this.
London is a dynamic global destination that constantly evolves and adapts to changing settings and lifestyles as new people come to study, work, travel, or start a family in London. As a result, the private rental sector (PRS) is a vital part of London and needs to thrive to enable residents to benefit from the flexibility rental properties boast.