Renters Rights Act changes shape of landlord market in London
Summary
A lettings agency reports that the Renters Rights Act is already changing landlord behaviour in Prime Central London, with more owners seeking sales and lettings valuations when tenancies end. The article also notes stronger tenant demand, record high rents in some areas, and a shift in short-let and longer-let activity as landlords adapt to the new rules.
Why it matters
Surveyors involved in lettings, valuation and agency work may see increased demand for both sales and rental valuations as landlords reassess options under the new tenancy framework. The article also highlights changing rental market dynamics in London that may affect advice on pricing, strategy and asset positioning.
Key points
- Landlords are requesting sales valuations when tenants give notice, reflecting the 12-month restriction on ending a new tenancy for sale purposes.
- Requests for lettings valuations are reported to be about a quarter higher than a year ago.
- Tenant registrations now outnumber buyer registrations by more than three to one across Prime Central London.
- Short lets below the £100,000 annual rent threshold have lost some premium under the new notice rules.
- Record rental values were reported in Pimlico and for some high-value lets in Prime Central London.
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