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Home News Rental market update Increased stock levels ease pressure on Wembley renters

Increased stock levels ease pressure on Wembley renters

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The shortage of rental properties has been a key factor in historically high rents over the last couple of years, but with new property completions in the Wembley area already rolling out in Quarter 1, many of these developments are already seeing improved stock levels and reducing pressure on London’s renters.

Grand Union Wembley - Increased stock levels

According to Zoopla, London’s average rent is now £2,119 for new lets (almost double the UK average of £1,220) but growth slowed in the last year and now stands at 6.4%, down from 16.1% a year ago. This is consistent with what we are seeing across our North-West London branches who are still seeing exceptionally high tenancy renewals with rent increases in line with inflation.

In the ever-evolving landscape of Greater London’s property market, two distinct areas, Wembley and nearby Alperton are emerging as highly popular rental hotspots, both showing remarkable demand for rental accommodation. Grand Union Alperton a Berkeley masterplan development, stands out as beacon of modern living, attracting both tenants and investors alike. Its’ appeal extends beyond contemporary architecture and design, this is a new destination in its own right, now at the forefront of sophisticated city living.

Brisk rental activity at Grand Union Alperton

Since the first completions at Grand Union in 2022, we have concluded 151 tenancies here and are professionally managing 87% of them (May 2024).

One-bedroom apartments remain most in demand, letting immediately at full asking rentals of up to £2,200 per month. Followed by 2-bedroom apartments with a parking space achieving up to £2,750 per month. Larger apartments without parking are taking a little longer to let as parking is hard to find locally.

With the economy more stable and rental stock pressures easing, rents at the Grand Union property development have stabilised to more normal levels and our extensive tenant base comprises diverse profiles, including employees working for Facebook and Google. We’ve also let properties to individuals who work for Tata Group and the Punjab National Bank, both who have strong links with the community here.

Properties that are furnished by us, on behalf of investors, are also letting very quickly, and top of the tenant wish-list at present is a table and chairs for the balcony space, in time for the Summer.

We would very much like to hear from anyone with a property completing or becoming available for let soon. Our branch is on-site at Grand Union, from where we offer a comprehensive lettings and property management service locally and Wembley postcodes.


About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents.  With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 15 international offices.