The latest London lettings market analysis from online agency Hello Neighbour shows a deteriorating picture.

Average rents are down 7.6% year on year. This marks a clear shift from February’s 3.7% increase.

Demand continues to fall, with 30 enquiries per property recorded in March 2026. 

This is the second lowest monthly level seen in the past three years, and down from 32 in February and 36 in January. 

Even so, this remains comfortably above the Rightmove average of 12.

The agency says March is typically a quieter month, with activity usually picking up from April. 

But it adds: “However, there is little doubt that rental levels are likely to remain subdued this year as affordability continues to challenge tenants.

“We saw a small increase in landlords selling, but not enough to indicate a significant trend at this point.

“There is, however, clear nervousness ahead of May 1 and the introduction of the Renters Rights Act.”