London has seen a significant increase in the number of residential letting agencies in the last year and remains the most competitive – and it has the highest average number of listings on the books versus every other region of Britain, according to figures from Zero Deposit.
Zero Deposit’s analysis reveals that London, along with Wales, has seen the largest increase in letting agency numbers, up 4% year on year. However, this 4% increase is far greater in the Capital, where it equates to an additional 232 letting agents, versus an increase of just 36 in Wales.
As a result London remains the most competitive market for letting agents, with a total of 6,189 in business across the Capital, by far the most of any region, with the South East sitting second with 3,967.
But the research also suggests that the rental market in London is most in need of this year-on-year boost to agent numbers. There are currently almost 50,000 homes listed for rent across the city with London’s 6,189 residential letting agents holding an average of eight available rental properties.
AVERAGE AGENT
The East Midlands sits second, with the average agent currently listing seven rental properties, the West Midlands and Yorkshire and the Humber following with six and the South East completing the top 10 with five.
Sam Reynolds, Zero Deposit
Sam Reynolds, Chief Executive of Zero Deposit, says: “London remains the heart of the lettings market in [the UK], with the Capital not only home to the largest number of letting agents, but having also seen the largest increase in transaction numbers.”
He adds: “London’s letting agents have also had the busiest start to the year, currently listing the highest average number of available rental properties per agent of all regions of Britain.
“Of course, this doesn’t take into account the resource requirements related to the ongoing management of these rental properties and they remain a vital cog in the machine of the nation’s rental market.”
