Kinleigh Folkard & Hayward, one of the Capital’s largest independent estate agents with over 50 branches in London, has analysed some of the 2011 census data with interest.
James Thornett, Regional Lettings Director, comments: “The figures relating to the lettings market which were released yesterday in the 2011 census results were very interesting, and indeed reflect much of what we have been seeing across London.
“There has been a significant increase in the number of people renting property across the UK with figures rising from 9% in 2001 to 15% in 2011. In London, the current figure is even higher at 24% and this mirrors what we have seen across our branches. Recent company figures show that we have seen an 8% increase in people registering with us to rent properties in 2012 compared with 2011.
“Strong demand, coupled with lower levels of good quality rental property has also pushed rents higher in core areas which has in turn led tenants to either explore other locations or join with other tenants to split costs across larger homes.”
Paul Masters, Director at Kinleigh Folkard & Hayward also comments: “Over the past five years, we have opened five lettings branches with an additional two scheduled for early 2013. These openings have largely been in response to the overwhelming demand in key London locations. In October of this year, our tenant registrations across all branches were 70% higher than our average taken from the past three years and this is unlikely to fall in 2013. A lack of financing and the high deposits required by lenders in the sales arena is bolstering the lettings market as many Londoners find themselves unable to buy.”