Overview: There were the usual seasonal patterns we expect in July, August and September – rising demand from students and corporate lets typically cause rising competition and rising prices in Q3. However, this year, it was all underpinned by significantly lower supply throughout 2022 so far – across the market and across the Capital.
A few key numbers:
This September, average rental prices hit £553 per week, surpassing June 2022’s record as the highest average rental price we’ve ever recorded.
There were 23,000 new listings in September, the lowest monthly volume of new instructions year to date in 2022 – a year marked by exceptionally low stock.
Renewals may be a factor in the low supply of lettings stock - over three quarters of our tenants chose to renew rather than look for a new property
By September, renters were spending 101% of their registered budget to secure a property.
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