Looking for a new rental, you’d usually need 3-4 weeks to find, sign and move-in, with huge demand and lack of supply, Harington’s buying agents are advising their clients to look 12 weeks in advance to make sure they find the right property.
Nina Harrison, London Specialist at Haringtons, a leading buying agents said, “Renting has never been so difficult, especially in London – and at all ends of the market.
“It’s not just the rising cost of renting, which pushes all homes up, it’s the lack of supply. There are so few rentals on the market, and without access to resource it’s an utter minefield.
“London has thrived off the back of the accidental landlords, but the current political regime coupled with a the current economic climate has made it unbearable. 82% of Landlords have less than 4 properties, of that 43% have just one rental (stats from DLUHC 2022).
“Over the last 6 weeks, there have been a huge number of rental homes put on the sales market as accidental landlords leave the business to relieve themselves of ever changing legislations and regulations. But this presents huge issues for renters, the competition has become huge. We’re seeing gazumping happening in the rental sector, which whilst presents and opportunity short-term it further adds to the long-term uncertainty.
“If you’re looking for a new home for the new year, your search should have started in October. We’re advising clients looking to move in Spring to start their search now to account for the shortage in supply.”