We are on-site at Clarendon, a fantastic new regeneration scheme in the heart of North London where our Director Marc von Grundherr provides an update on the London property market as recent activity has surpassed even the most optimistic predictions.
In fact, Rightmove, the UK’s biggest property portal has reported record levels of buyer activity with the highest number of monthly sales agreed in 10 years. The number of homes sold within seven days of going on the market is up 125% compared to last year – one in seven homes is sold within a week
If sales continue at this rate supported by low mortgage rate, then prices will rise much faster than predicted.
Whilst activity in the lettings market has been robust, a significant drop in overseas student numbers and the restriction on travel which crippled AirBnB and short term rentals, has led to additional supply of available homes to rent which has broadly seen rents soften by 7-12% across London. However the London rental market is still resilient, today one third of London households live in private rented accommodation but in 5 years time, PWC predict 60% of Londoners will be renting.
Today, we receive an average of 17 enquiries for every available rental property.
If you have a property becoming available soon for rental and would like an up to date appraisal of what rent you can expect, why not ask us for a valuation. Or talk to one of our branches. Contact us.
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