Lettings-End of Year Report

Published: 02/12/2022 By Allan Fuller

Cathy Sinnott our Lettings Manager’s End- of-Year report  

The lettings market has seen considerable changes during 2022. The year started with high stock levels. We were busy, but applicants were still looking  in outer suburbs of London due to working from home.  

This began to change and in the spring the number of new prospective tenants registering rapidly increased, Rightmove data confirmed that June enquiries were the fifth highest figure in a decade, underlining how strong demand was after the re-opening of offices and universities throughout the country.
 
There were certainly less tenancies being agreed than previous years, which overall was down to the stock levels that were reducing. We had the perfect storm of less property and more tenant demand, in fact, we were registering twice as many new renters in 2022 than in 2021.
 
The lack of stock seemed at first to be a mystery, but it was a combination of many factors, mainly tenants staying longer in their existing property, some landlords deciding to sell with prices high and a few going down the Airbnb route.
 
Lettings has remained a landlord’s market for the rest of the year, with the lowest stock ever recorded, in my 15 years of letting property in Putney.  Prices were going crazy for rents as the demand was so high. For the first time ever, we were booking block viewings for properties, just like our sales colleagues when the market booms. Multiple offers came from viewings.  For us here to help applicants, we took the stance that it was not just advising landlords to take the highest rent bid, but look, as we always do, at the right tenant for the right property. 

With only a few weeks left of the year, there has been a little change in the way the market is progressing now, stock is still low, but we are finding that the level of applicants registering is less and the mad mid-year, that we witnessed, is subsiding, along with this rent levels are now beginning to show signs of moderating. 

Reading the runes, looking into my crystal ball, and based on my 15 years in the industry I do think sanity will return in 2023 and that rents will continue levelling off.