London estate agency Chestertons says that 2025 started with a particularly busy rental market with the agency registering a 22% increase in the number of enquiries from tenants and 34% more tenants making offers on properties in January compared to January 2024.
Adam Jennings, head of lettings at Chestertons, says: โFrom the very beginning of January, our branches have been receiving a high level of enquiries from tenants, which picked up even further towards the end of the month. Some of this uplift is due to rents having coming down slightly in the second half of last year and savvy tenants recognising that now is a good time to lock-in a deal, while rents are still down from the highs we saw previously.โ
Chestertons notes that if the number of tenants entering the market continues to rise, Londonโs lettings market will get more competitive and prices will start to rise again. โWhilst demand for rental properties is on the up, the number of available properties has remained at 2024 levels, which means more tenants will be competing for the same propertyโ, Jennings adds.
According to Chestertonsโ data, the areas most popular with tenants in January included Wandsworth and Richmond.
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