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What are the average rental periods in London?

What are the average rental periods in London?

You have probably heard a lot about average rental prices in London. But there’s another important average that’s dictated by prevailing market conditions that will influence your property search: the average rental lease period in the UK capital.

This is the period detailed in a lease or tenancy agreement for which you, the tenant, must make a payment of rent – so it’s important to get it right. Renting for the exact duration needed can save money. Paying for more time than necessary will erode your finances, while renting for less time might incur penalties or additional fees for extending the rental period.

Additionally, the rental market may have limited availability, especially during peak seasons or in high-demand areas. Booking the right rental period ensures availability when you need it, avoiding a last-minute search for limited alternatives.

Here’s everything you need to be aware of about average rental periods in London – so you can secure the right one for you.

What’s the standard lease period in London?

Most landlords offer an Assured Shorthold Tenancy (AST). These agreements start with a fixed term, the average being 12 months. It’s difficult to end an AST before the fixed term is over, so when people discuss tenancy length, they typically mean fixed term length. When this ends, your tenancy becomes a periodic rolling tenancy, or you can agree a new fixed term.

What is the shortest lease period in London?

An AST can extend for any duration, although tenants have a legal right to stay in a property for a minimum period of six months, regardless of whether the agreement was for a shorter term than this. By agreeing a tenancy that’s longer than 6 months, you will avoid classification as a Short-Term Let, which has different regulations and typically higher costs for tenants.

What’s the average lease period amid unfavourable market conditions for renters?

The average lease period during unfavourable market conditions for renters can vary depending on factors like location, local market dynamics, and the time of year.  For example, when the market is saturated with renters during the summer and demand outstrips supply, lease durations may increase to 24 or 36 months, as landlords hold more negotiating power.

How can Simply London help you understand your options?

Consulting with Simply London early in your London property search will provide expert insights into current rental market conditions and your lease options. Empowered by this knowledge and understanding of the London rental market, you can secure a lease that aligns with your requirements.  Click here to find out more about our London home search service.

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For each neighbourhood, you will find:

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Guide to London Neighbourhoods
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