Did the summer of sport dampen London's rental market?
New report shows number of new tenancies fell in the capital while the rest of the UK enjoys a slight upturn
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Tuesday 30 October 2012
Figures from the Association of Residential Letting Agents (ARLA) shows the number of new tenancies signed has dropped year on year.
According to ARLA, the end of the summer is traditionally a busy time for new tenancies as prospective tenants take advantage of warmer weather and longer evenings to search for properties. The number of new rental agreement is also usually boosted by the start of graduate job programmes in August and September.
However, the number of London agents registering ten or more new tenancies between July and September dropped by more than 10 per cent, from 81 per cent in 2011 to 70 per cent this year.
Agents in the rest of the UK reported a higher average of 38 new tenancies with an average of 34 in the rest of the South East. Demand for rental property remains high across the board with over 55 per cent of ARLA members reporting more tenants than properties available.
Ian Potter, Managing Director of ARLA, said: "It would appear that the London rental market, unsurprisingly, experienced the worst of the pre-Olympic nerves. New tenancies were down in the traditionally busy August/September period this year, despite strong evidence of ongoing demand. It seems would-be renters staying in to watch the games, signing contracts earlier to avoid moving during the Olympic period.
"As we move towards Christmas we may see a late surge if the pent-up demand for rental property converts into tenancy agreements signed. However, with void periods remaining low and tenancy lengths still following an upward curve, this could be the first sign of a more settled private rental sector in London and across the UK more broadly."
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