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Your London Guaranteed Rent Specialists

Your London Guaranteed Rent Specialists

Evidence is emerging that tenants are losing their bargaining power after new research revealed landlords in London are letting property for 100.9% of the asking rent – the highest value since 2007.

London rental homes going for more than asking price

London also has the highest rate of growth in rent prices of anywhere in the UK since 2007, with rents up by 34% over their pre-recession peak.

The latest monthly lettings index also shows one in five tenants in the capital pay more than asked for to secure a home.

The report calculates that this works out as an extra £94 per month for the average London tenant, which adds up to an extra £1578 in rental income for landlords over a typical 17-month tenancy.

In the UK as a whole, rents have risen by 12% since 2007. However, landlords are receiving 99.9% of their asking price.

And tenants who pay over the asking price hand over an average of £44 a month.

But in Wales just one in 12 tenants pays more than the advertised price. This nets landlords and extra £24 per month.

In 2008, just 3.5% of UK lets were agreed at over the asking price, while 23.5% of tenants were able to negotiate a lower rent price.

This year, the amount of tenants able to negotiate price reductions has tumbled to 8%.

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