A number of tenants are sitting tight and waiting to see what happens with the market.

“However, a lot of new property is coming in and we have some people who have been lucky enough to sell their home and are renting and waiting. Also, there are some who have bought a new home and are refurbishing it, renting for a while to escape the builders,” explains Julie Grainger from Robert Holmes & Company in Wimbledon.

With supply outstripping demand, landlords have to look at a wider range of tenants and be more flexible, suggests Grainger. “Presentation is so important in this market and landlords need to remember than any good tenant is better than no tenant at all.”

The top-end is not achieving the prices asked – there is no one looking, points out Grainger – and there are a number of two-bedroom, two- bathroom properties currently up for rent.

“If landlords market their property in the right colours and with the right kitchens, bathrooms and furniture, they will find good tenants,” she adds.

Samantha Stevens at Sheraton Law in Clapham reports a reduction in prices on her patch. “For instance, a home that would have let out at about £380 a week is now going for £350. Landlords are being realistic about values and are no longer testing the market to see what they might get.”

Stevens suggests that if landlords “can push the boat out a bit to get their property to stand out, they have a far higher chance of letting it.”

Some ideas to improve a rentals home include putting mirrors on the walls in a dark basement and removing over-sized furniture that is too large for the rooms. “Landlords should provide something tenants would aspire to, rather than just do everything on the cheap,” adds Stevens.