After a long period of tenants calling the shots in London, landlords have started to regain the upper hand, according to property consultants Cluttons, which has seen rental stock decrease as so-called "reluctant landlords" return to the sales market.
The high levels of stock available until recently meant that tenants were able to dictate rental periods and negotiate down the landlord’s asking rent. However, the amount of choice has now diminished considerably according to Cluttons, and landlords are becoming far more bullish amid growing reports of market recovery.
Lynn Hilton, partner for residential lettings at Cluttons, said: "There is currently something of a stand-off between tenants and landlords, as both groups now believe they have the upper hand in the market.
"Tenants still think they can dictate terms and keep landlords waiting until they make a decision, but the oversupply seen earlier this year has now passed. Speculative offers are still being made but landlords are now frequently refusing to negotiate terms, meaning many tenants are missing opportunities.
"There are also signs that the employment market is starting to have a renewed impact on stock levels, with an increase in work-related relocations adding to demand for rental properties in some central London locations."
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