Published: 02/12/2022 By Allan Fuller
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.