Editor's note: This brief was summarised by The Property AI Newsroom from a report by Letting Agent Today. Read the original article for full details.

Prime London Lettings Market Faces Supply Shortage Linked to Renters Rights Act

The prime London lettings market is experiencing a supply shortage, according to new data reported by Letting Agent Today. The latest assessment from Knight Frank indicates that this shortage is pushing up rents and reducing the number of tenancies agreed.

The report states that stock levels in the prime central London (PCL) and prime outer London (POL) markets remain tight. As a result, the number of new listings in these areas was 10% lower than previously recorded. This reduction in available properties is cited as a factor in both the decrease in tenancies being agreed and the increase in rental prices.

Letting Agent Today attributes the supply shortage to the impact of the Renters Rights Act. The article highlights that the ongoing lack of stock is a key driver behind current market conditions in the prime London lettings sector.

This situation is particularly relevant for UK letting agents and inventory clerks, as it affects the volume of new tenancies and the dynamics of rental pricing in the capital's most sought-after areas.