There has been a huge rise in the number of rental properties on the London market, agents Kinleigh Folkard & Hayward have reported.

They say they are seeing a 51% increase in supply compared with this time a year ago.

Tenancy demand is also up, by 32%.

The firm, which says the current rent is now £1,512 per month, has also seen a 9% drop in renewals – caused by tenants tying into longer tenancies in the first place.

Carol Pawsey, group lettings director at Kinleigh Folkard & Hayward, said: “We’ve seen a remarkable change in the lettings market over the past 12 months.

“The market in 2012 was firmly in favour of the landlord and was largely led by a lack of stock and a greater pool of tenants, so competition was fierce and prices rose accordingly.

“The start of 2013 has however seen a shift and the market appears to be perfectly balanced with the right number of properties available for a good selection of tenants.

“Although competition is less prevalent, good-quality homes which are realistically priced are certainly in high demand and therefore don’t stay on the market for long.”