London rental price growth looks to have slowed in January as landlords pulled out the stops to tempt tenants back to the market.
Some 41% more rental properties were available in London than last year during the month, according to estate agency Chestertons.
Such properties remained on the market for longer in the face of muted demand meanwhile, as per Rightmove, at 39 days rather than 33.
The result was a 76% uptick in the number of landlords reducing asking rental prices over the first month of the year, Chestertons noted.
“We have seen a significant increase in landlords bringing their property to market as they have been attracted by the substantial rent increases,” Chestertons letting head Adam Jennings said.
“This influx of properties has led to more choice for tenants and as a result, many landlords have decided to lower their rent expectations.”
The news comes as high interest rates continue to plague the German property sector, with a coinciding switch to remote working having hit prices of office space in recent months.
According to German banking association VDP, German office prices declined by 13% over the final quarter of last year - their sharpest decline in two decades.