High competition for rental property puts Wembley in the lead

The cost of renting in the UK continues to rise, but at a slower pace than before, according to the latest housing report from Zoopla. While rental demand has fallen 16% compared to last Summer, it remains 60% higher than pre-pandemic levels. And, although the gap between supply and demand is gradually narrowing, it hasn’t been enough to push rents down – only slowing the rate at which they’re rising.

While coming legislation such as the Renters’ Rights Bill will bring some changes to tenancies as we currently know them, the outlook remains positive. London’s rental market is underpinned by strong fundamentals, including high demand and limited supply. For investors, this means continued potential for stable income, strong yields, and long-term growth.

Demand for rentals at Grand Union increase by 12%

In nearby Alperton, the latest phase at Berkeley’s Grand Union property development – Waterview House – launched in the Spring is already drawing strong interest from professional tenants who are keen to secure high quality accommodation that offers tranquil views over both the Grand Union Canal and the River Brent. More completions are happening in September and we expect take up to be brisk.

Backed by impressive tenancy renewal rates in other parts of the development, which are currently at 87%, this sustained demand highlights Grand Union’s strong rental performance and growing reputation among professional tenants and local families.

Local rents remain strong

Local rents in the Wembley area continue to be strong and since the first completions at Grand Union in 2022, our estate agents branch situated on-site at the development has recorded a 12% increase in demand for 1 & 2 bed units in during the second quarter of this year. The best-performing rental apartments which are letting the fastest are professionally managed and furnished to a high standard – both services which we offer to landlords. Our tailored property management service ensures long-term tenant satisfaction and provides reassurance to investor landlords, especially those living overseas.

Currently we are achieving above local market rents with studios achieving up to £1,900 per month, one beds up to £2,200 per month, two beds up to £2,750 per month and three bed homes up to £3,250 per month. These rents are being achieved for fully furnished properties that include a parking space as local parking is non-existent, so the requirement remains high on the wish-list of prospective tenants.

We’ve also seen more Landlords take up our property management service which is now expected by professional tenants and mandatory for corporate lets. Being based on-site at the development allows us to respond quickly to any issues that arise and helps get our properties let as efficiently as possible.

With the Autumn season almost upon us and such high tenancy renewals at Grand Union, rents are likely to hold strong for the foreseeable future. We would very much welcome instructions anyone who might have a property becoming available for let soon. We know all the buildings well and react quickly bringing a property to market within 24 hours. Get in touch with our Wembley branch now for a free market appraisal.