The current boost in recruitment in the banking sector is pushing up rental demand in and around the City, highlighting the shortage of rental property. However, this will not lead to a steep rise in rents in the Capital, according to property consultants Cluttons.
Latest figures from recruiter Michael Page show that financial institutions are back on the hiring trail, with the number of vacancies now double compared to a year ago.
This influx of new city workers is being met with a severe shortage of supply of one and two-bed properties available to rent in popular city locations such as Shad Thames and Wapping.
Lynn Hilton, Partner for Residential Lettings at Cluttons, said: "While the revival in the employment market is continuing to impact on stock levels, the laws of supply and demand are unlikely to cause a significant rise in rents.
"As election uncertainty persists and further City job cuts still pose a threat, negotiations between tenants and landlords remain spirited as both parties feel they have the upper hand."
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