Londoners scrambling for fewer properties... as rents continue to soar

London's housing crisis has reached a "disastrous" new low as research reveals a huge drop in the number of available properties to rent in the capital.

- Ella Jessel

Lettings in London have fallen by 41 per cent since the pandemic, further squeezing supply and deepening the homelessness crisis, according to a new study by Savills and the LSE.

While listings fell nationally by 33 per cent, London has been the worst hit. The report found listings for one, two and three-bedroom properties shrunk by about 36 per cent, and there have been even larger falls in listings for four-bedroom properties.

The reduction in listings has come amid a period of soaring rents, with the report finding asking prices on lettings are now 20 per cent above their pre-Covid level.

The slump has been caused by a range of factors including landlords leaving the sector or reducing rather than expanding their portfolios.