London's rental market has become a 'nightmare.' Here's why | CNN Business

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London’s rental market has become a 'nightmare.' Here’s why.

For Rebeca Blázquez, the past few weeks have been a “nightmare.” Based in Madrid but hoping to find work in London before starting her master’s degree, the 22-year-old university graduate spent a month searching online for a room to rent in London on a £900 budget . She sent dozens of messages to landlords and vacating tenants, and logged in for virtual viewings only to find that the room had already been taken.

“Everyone’s super on edge looking for accommodation,” McLoughlin said. “You can’t hesitate in this market,” he added. Supply crunch The problem is simple. There are too many renters chasing too few available homes. Jeremy Leaf, founder of Jeremy Leaf & Co, a real estate agency in north London, told CNN Business that the number of properties advertised on his site is down by as much as 40% compared to November last year.

 

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