*Kensington in April 2010

Letting agents are doing a good job spreading the word about the rent rise.

Lucy Morton of  W A Ellis in Knightsbridge, the letting agent with 27 years of experience, tells Telegraph:

“Landlords who last year locked into long-term tenancies are now trying to revoke them and renegotiate rents, which are rising 15 per cent or more annually in prime parts of London. Tenants are being advised to renew contracts when they end, even if they come with a rent hike, because they would have trouble finding a cheaper property if they decided to walk away.”

“I had a tenant paying £800 a week for an apartment who was disgruntled when it rose to £875. He terminated the tenancy, couldn’t find a cheaper alternative, then asked if his old flat was still available. It had gone for £1,000 a week.”

Here are a few reasons why letting agents don’t have enough stock this Spring:

- First timers can’t pay deposits;
- Overseas investors are expanding portfolios;
- A lot of the owners are trying to sell their property in April, May;
- More landlords are renting privately;
a. More of those who realise they can do it on their own.
b. Landlords who don’t want to pay taxes.
- More (competition from) DSS tenants?

Read also ARLA Review & Index for Residential Investment 2010 Q1

As part of the program to help raise standards and improve choice and mobility for London tenants, the Mayor has launched a new website called The London Rents Map that provides information on the average rents for private accommodation. Unlike existing search portals which show asking prices posted by estate agents and individuals rather than rents achieved, it is based on actual market rents. The data used in the map is supplied by the Valuation Office Agency (VOA) and is based upon market rents from private rented sector lettings. This information is contributed by landlords, agents and tenants across England. The information published on the site is based on a sample of private tenancies created over the most recent 12 months available.

Jump to The London Rents Map.