London’s hot rental market is starting to cool off, giving renters some much-needed relief! Experts say it’s a sign of the times, with the cost of living squeeze putting pressure on both landlords and tenants.

While rents in London did inch up slightly in May, they’re actually down compared to the last few months. The average rent is now £2,155, a 1% increase compared to the past three months. That’s a big change from last year when rents were skyrocketing.

Fewer Viewings, Fewer Landlords Asking For Top Dollar

There’s also a dip in the number of people looking at properties. This could be because people are holding off until after the summer holidays, or perhaps they’re just feeling the pinch and can’t afford to move right now.

Another good sign for renters: fewer landlords are trying to charge sky-high prices. The number of landlords asking for more than the market rate has dropped by a whopping 32% in the past year!

The Great Escape – From Rent to Owning a Home

Experts say that the cooling rental market is part of a wider trend. The same pressures that are causing rents to flatten are also hitting the housing market. Prices are starting to drop in London and the South East, while they’re actually going up in more affordable areas.

Why? It seems that first-time buyers are finally finding their escape from the relentless rise in rental costs. They’re jumping into the market to own their own homes, hoping to escape the never-ending cycle of rising rents.

Good News For Renters, But Don’t Get Too Excited

So, it seems that the rental market is finally taking a breather. While this is good news for renters, it’s important to remember that prices are still high, and the market can change quickly.

With the cost of living still a major concern for many, it’s worth keeping an eye on what happens next!