Agency claims landlords tested higher rents before reforms kicked in
Summary
Chestertons reports that London rental demand strengthened in August, with tenant enquiries up 13% year-on-year and new landlord instructions rising around 6%. The agency says some landlords had tested higher rents before the Renters Rights Act took effect, and that the market is now adjusting to the new rules, including restrictions on bidding above advertised rent.
Why it matters
Residential surveyors involved in lettings, valuation and market commentary should note the reported shift in tenant behaviour and landlord pricing strategy following the Renters Rights Act. The article also highlights how regulatory change can affect achieved rents, instruction volumes and market timing in London.
Key points
- Tenant enquiries in London rose 13% year-on-year in August.
- New landlord instructions increased by around 6% year-on-year.
- Chestertons says some landlords tested higher rents before the Renters Rights Act began.
- The Act prevents landlords and agents from inviting, encouraging or accepting offers above the advertised rent.
- The agency says tenants are taking longer to decide as they have more flexibility.
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