Above average early autumn enquiries have brought a much-needed boost to the Hampstead lettings market which has seen rents flatten in the last 12 months reports local agent Benham and Reeves Estate Agents.
“After a fairly busy summer we started September with a shortage of properties and high demand but thankfully, along came a flurry of instructions through our international offices and we’ve been doing brisk business across the spectrum” reports Mark Winship, Manager of the flagship branch in Heath Street.
“We’ve just let a handful of 2 bedroom flats with rents ranging from £520 per week up to £690 per week. Properties that are pristine with fully modernised interiors and contemporary furnishings are letting quickest and outside space or parking still commands a premium as is reflected in the rental differences”
“We’ve also seen a 27% increase in tenants taking longer (two year) leases – a good sign of job stability and confidence in the economy. With corporate budget cuts quite severely in 2016/2017, this had a huge impact on tenants’ finances and demand for larger Hampstead homes to rent tailed off quite significantly” adds Winship “but now rents have stabilised and a new swathe of tenants – from techpreneurs to wealthy city bankers – are discovering the Heath-side charm of Hampstead”. He adds a caution though “landlords hoping to secure a good tenant must be flexible about rent and not think we are totally out of the woods. It is not the time for rent increases just yet”.
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