With more tax legislation, Brexit uncertainty and Estate Agents reporting losses because of the dip in property sales - supply levels of good quality properties for rental in London have declined. Meanwhile, the rental market remains exceptionally strong in virtually all London zones, but not enough properties to meet the demands of a rapidly growing professional workforce. As letting specialists with London-wide coverage and our international offices who bring in a steady flow of properties from overseas investors, even so, we still have long waiting lists of 20 applicants per available property, which is unprecedented!
There is literally a ‘drought’ in some locations: the City of London, East London, Docklands and even more traditional areas like Kensington, Knightsbridge and Hampstead where we really need more properties for corporates. Small units (1 and 2 beds) remain most popular in central and East London and family accommodation (modern houses or large apartments in secure developments) are needed in many places, particularly if they are located near top London schools or transport hubs.
The other reason for the shortage of stock is because our tenants are renewing their tenancies for a second or third year. This is good news for Landlords but leaves us with low stock. Such is the shortage of accurately priced rental properties, that if the presentation is very good and the location offers convenience and good amenities, then it is likely to let within just a few days with minimal void periods. If your current agent is telling you they cannot let your London property, please contact us in complete confidence. No strings attached. Just an open discussion about how we can help you.
With 16 branches across London, and international offices in China, Hong Kong, India, Malaysia and Singapore, we offer our international clients a complete one-stop service in their own time zone. This includes marketing the property on the top UK portals, showing it to potential tenants, credit referencing the tenant, contracts, collecting rent and professional management*. We can also help with furnishing packages to give your property the ‘wow’ factor.
Don’t worry if you already have another agent instructed, talk to us.
*If you are hoping to attract a corporate tenant or company let, then they expect professional property management to be in place. They will not sign a lease without it.Get in touch
The UK Government is soon to introduce new Electrical Safety Regulations, requiring landlords and letting agents to ensure electrical installation inspections are carried out on all new tenancies in England from 1st July 2020 or from 1st April 2021 for existing tenancies. Landlords will have to ensure that every fixed electrical installation in their rental property is inspected and tested by a qualified person at least every five years. The landlord will also have to obtain a report of the results of the inspection and test and supply it to the tenant within 28 days of the inspection and test. They will have to keep a copy for themselves until the next inspection is due.