While asking rents have risen in price over 13 consecutive three-month periods, things are slowing down slightly in the rental market. According to Rightmove, even though the three-month average has grown every period since 2019, the growth pace has slowed, easing over the last three quarters.
A notable issue is that average asking rents are now higher than £2,500, which is a new high. The most recent average asking price is £2,501 per calendar month, but this level represents an increase of 0.9% over the past quarter. This is the smallest increase in over two years.
One of the most significant issues affecting the rental market is a lack of supply, which we have seen in Finchley. We have tenants looking for property, which means we can assist landlords in letting property in a short space of time. If you have the property ready to let in or around the local area, or you are keen to enter the Finchley rental market, we are happy to assist you as best we can.
Analysis by Rightmove suggests competition between tenants has eased by a level of 2% in comparison with 2022. Still, when you compare it to the 2019 level, the level of competition has risen by 173%. This is a clear indicator of the demand for rental property across the capital, and we have seen this for ourselves in the capital.
2022 was a frantic year in the rental market, and 2023 is following a similar pattern. The Rightmove analysis indicates the volume of tenants seeking a move is 4% higher than this time in 2022 and 38% higher than the 2019 level. There are four times as many tenants looking for property as rental properties available, so if you want to discuss landlord opportunities, we are more than happy to help you.
Rightmove’s Tim Bannister said: “We have seen some early signs of improvement on squeezed supply levels this year, though with no significant influx of new properties becoming available to rent currently on the horizon, the mismatch is set to continue for some time. Many agents are having to manage a very high volume of tenant enquiries for every property that they let in the current market. Properties in popular areas within an affordable asking rent range of that local area are likely to be snapped up almost immediately, and on average homes are finding a tenant much more quickly than this time in 2019. Although there are some early signs that the gap between supply and demand is starting to narrow a little, it will still feel very competitive for tenants trying to secure a home.”
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
