Rental Market Update – June 2013

Central London

There’s high demand for studios and one bed apartments to rent in Kensington, particularly under £700pw. Larger three and four bedroom properties are also letting quickly – as a result, there’s a shortage of good rental properties in W8 at the moment. Enquiries are up on the same quarter last year and we received more good news this month when we were shortlisted in the Lettings Agency of the Year Awards 2013. Adding to this positive news, we’re seeing more enquiries from relocation agents too. This is across all types of property but particularly one and two bed apartments in central London. Enquiries are coming from companies worldwide but there’s been an upturn in interest from Japanese executives.

Enquiries are also up for rental apartments in Knightsbridge. Many of these applicants are students, looking ahead to August and September when they’ll be taking up university places. Demand is softer in the premium market (£2000+pw) as corporate budgets are squeezed. Properties that offer value for money, top presentation and are competitively priced, are letting fairly quickly however.

Tenants are also looking for accommodation to rent in Ealing and our Dickens Yard lettings office is busy with corporate lets and relocation agent enquiries, with demand highest for one and two bed apartments. More than nine out of 10 tenants looking for an apartment to rent in Ealing are looking for furnished accommodation.

The City, Canary Wharf and Docklands

Demand for apartments to rent in the City, Canary Wharf and East London is high and the rental market is very active. We have plenty of applicants looking for properties up to £500 per week and we’re receiving increasing numbers of enquiries from relocation agents, usually looking for properties up to the same rental value too.

Larger properties to rent in Canary Wharf are taking a little longer to let. Budgets remain under pressure and tenants are keen to reduce costs where they can. As a result, demand remains high for apartments to rent in areas like Bow, Poplar and Greenwich where tenants can find a two bed apartment to share, with great facilities and only a 20 minute commute to Canary Wharf for £350-£375 per week, the same price as a one bed apartment to rent in central Canary Wharf.

North and North West London

The Hampstead rentals market is very buoyant and June looks set to be a record-breaking month. We’re seeing a surge in enquiries from relocation agents, with high demand for three bedroom houses to rent between £950-£1500 per week, mainly from families relocating to be near Hampstead’s excellent schools. Dog ownership is a real trend and virtually all our enquiries from relocation agents are requesting outside space and for the landlord to accept a dog. Landlords who can offer this are finding their properties flying out!

There’s also high demand for accommodation to rent in Highgate, from one and two bed apartments to larger family homes near Hampstead Heath, in prices ranges from £330-£795 per week. We’re busy with corporate lets, again with families looking to move into the catchment area for the best schools in Highgate.

Demand for rental accommodation at Beaufort Park in Hendon remains very high, with properties letting very quickly, almost immediately. The Cavendish Apartments, the latest phase of the St George plc development to launch, is particularly busy. It’s not unusual to conduct a viewing one day and receive an offer on the apartment the next. Manhattan (large studio/one bed) and one bed apartments are flying out and we have a waiting list for two beds. We have already agreed tenancies in advance for apartments at Beaufort Park that won’t be available until July.

All in all it’s been a very encouraging start to the Summer.