London Lettings: The Start of 2023 & Beyond
The UK lettings market is constantly changing due to numerous factors.
The 2021 Census found that private rentals have doubled to 5 million over the last two decades. Rents across the UK increased by 10.8% in December 2022. Average rental costs in London sat at over £2000 for months at the end of 2022.
Has there been any change in the first month or so of 2023? Or are we facing the same news as last year? Today, we’re looking at general lettings trends and how the market has changed in the new year.
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The Lettings Outlook For 2023
Overall, rental prices are expected to rise another 4% throughout 2023. This is likely due to an increased imbalance between supply and demand. There will continue to be a deficit issue as fewer houses are on the market. Due to this, renting will be more competitive, and tenants will face more rent spikes before the year is finished.
While the coronavirus pandemic feels like a distant memory, we’re still feeling the effects in 2023. Rental growth is also expected in urban areas and cities as we see a return of young professionals and students. Central London is set to see a 6% increase, and outer neighbourhoods can expect a 4.5% increase.
Options For Landlords
Throughout the start of 2023, it’s been a great time for landlords to snap up properties at lower prices. This trend will likely continue for the next few months, allowing any well-financed landlords to build their portfolio of properties.
Alongside taking advantage of the price dip, landlords will also be able to take advantage of increased demand from professional tenants. We expect to see more tenants searching for long-term tenancies, resulting in stable rental relationships with lower levels of wear and tear.
Lettings With Allen Goldstein
The first month of 2023 has followed the expected trends, and landlords can look forward to ongoing good news as the demand for lettings increases.
Whether you’re new to lettings or an experienced landlord, working with an expert estate agency can make your life easier. From local expertise to high-quality property management, a team of expert lettings agents will help you navigate the market as it changes.
At Allen Goldstein, we use the latest property market data and insights to inform our services. Helping you work with the market is paramount. Outdated practices aren’t on offer here! Plus, we explore local market trends to ensure we have the latest information on our target areas, ensuring you have property success every time.
Need to know more? See our transparent landlord services here to find out what we offer.
Interested in getting started? We’re in the office from Monday to Friday or by appointment on Saturdays.
You can also get in touch online here or via our email – enquireies@allengoldstein.com