According to the classified advertising website, Gumtree, the volume of London property rental ads on its site has risen by over one third in the last year.
Gumtree also reports that half of all responses to rental property ads in the UK (placed via their website) are for London properties. Of the 2.9m replies to rental ads on Gumtree so far this year, 1.4m have been for London.
In August, there were 4.9 replies per minute to rental ads on Gumtree, making a total of 216,597 for the month. The figure compared with 157,867 in August 2011.
Kevin Mathew, head of housing at Gumtree, said: “The speed and frequency of responses to London rental properties on the site demonstrate that renting is hugely popular right now in the capital. The current economic climate, changing professional lifestyles, and an unpredictable housing market are all contributing factors that make renting an appealing option for many prospective tenants. This increasing demand means that it is an opportune time for current landlords to reassess rent levels and packages, and for potential landlords to explore renting options, while the market is as buoyant as it is.”