London landlords are facing the necessity of reducing rents, given the ceiling on soaring prices caused by the constantly rising cost of living. 

If Chesterston’s agents are to be believed, a 50% jump in the number of landlords in London cutting their asking rents could be observed last autumn. In November only, one-third of the capital’s landlords had to cut their prices to secure a deal. 

According to Foxtons estate agents, average rental prices decreased from £568 per week to £551 between October and November across the London market. In other words, landlords are now being forced to charge £68 less per month than they used to just a few months ago. 

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“We believe that London’s rental market is now showing signs of stabilising, with more rental properties coming onto the market and an increasing number of landlords being realistic on the rent they are prepared to accept to minimise any void period” – a Chestertons expert told The Telegraph in an interview.

London rental supply rose by 7% month-on-month last November, while the number of renters registering for properties fell by more than 25%. In other words,  15 renters compete for every new property. This represents an over 30% decrease in comparison with October.

Image: Unsplash

Author: Sébastien Meuwissen