{"id":15213,"date":"2019-02-08T11:13:06","date_gmt":"2019-02-08T11:13:06","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=15213"},"modified":"2025-09-30T13:08:21","modified_gmt":"2025-09-30T12:08:21","slug":"february-2019","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/february-2019\/","title":{"rendered":"The London rental market \u2013 February 2019"},"content":{"rendered":"

It\u2019s a familiar story but we are again happy to report that London is continuing to see strong rental demand although there are still shortages of supply in many areas.\u00a0 Many of our 16 London lettings branches<\/a> are finding that certain developments are often fully let and they have no rentable stock at all, such is the high demand, particularly for smaller properties.\u00a0\u00a0\u00a0 Developments such as Battersea Power Station, Sovereign Court in Hammersmith, Kew Bridge in Brentford and Beaufort Park in Colindale frequently find themselves with only one or two (or no!) properties available and have waiting lists of referenced tenants ready to move in as soon a flat becomes available. So discussing new instructions with landlords<\/a> is a priority for us.<\/p>\n

Of course, most tenants love the feel of a brand-new apartment but another point that these developments have in common is that they are located in areas that have been, or are being regenerated.\u00a0 This makes them vibrant and exciting places to live, with new cafes, restaurants and shops moving to areas which had been overlooked previously, putting them on applicants\u2019 radar for the first time.<\/p>\n

Nine Elms, which is home to the stunning Battersea Power Station<\/a> development, is perhaps the best known of these, attracting professionals from finance, tech, government, legal and engineering industries.\u00a0\u00a0 Although comparatively new, the area is growing dramatically in popularity, as it offers these professionals the high spec homes, riverside location, good transport links and excellent amenities that fit the lifestyle they desire.\u00a0\u00a0 In fact, apartments at Battersea Power Station can let even several months before they are vacated and, as a result of the high demand, rents are starting to push up already, with a typical one bed flat achieving \u00a3400-\u00a3475 per week in 2017, \u00a3475-\u00a3550 per week in 2018 and a projected \u00a3500-\u00a3600 per week this year.<\/p>\n

Across the river, regeneration around Victoria station is also transforming this formerly slightly shabby area with its new residential developments, refurbished buildings and new businesses.\u00a0 This is transforming the demographic of the area, attracting young professionals<\/a> looking for a centrally located home in a neighbourhood with a real buzz to it.\u00a0 Further east, Deptford, between Canada Wharf and Greenwich, is also being put back on the map, with developments such as Greenland Place and Paynes and Borthwick opening up potential to investors and tenants.<\/p>\n

We have lettings branches in many of these newly regenerated areas and have fully referenced tenants ready and waiting to move into new apartments so if your rental property is about to complete, or if your current agent hasn\u2019t succeeded in finding a tenant for your property, please give us a call.<\/p>\n

\u00a0<\/strong>The City and East London<\/strong><\/p>\n

\"\"<\/a>
Perilla House, Goodman\u2019s Fields<\/figcaption><\/figure>\n

Rental demand in the City and east London remains strong, with properties letting quickly across the areas covered by our five branches in the City, Canary Wharf, Surrey Quays, London Dock and Wapping, and Greenwich.\u00a0 Despite political uncertainty, it seems it is very much business as usual, with enquiries plentiful and businesses continuing to relocate staff to the capital.<\/p>\n

There is no shortage of wealthy professionals and international students looking for homes in uber-luxurious developments such as One Blackfriars and Landmark Place (near Tower Bridge, EC3) and we need more instructions in both these very popular developments. \u00a0\u00a0Nearby, in Canary Wharf<\/strong>, the Liberty Tower in E14, which has been completing since December, is also attracting a lot of demand from professionals.\u00a0 One-beds are achieving upwards of \u00a3425 per week and two beds \u00a3520+ per week.\u00a0\u00a0 Other popular new phases completing now are Perilla Tower at Goodman Fields (handled by our City<\/strong> and Wapping<\/strong> branches) where Manhattan suites are achieving upwards of \u00a3475 per week and one beds \u00a3575 per week while Marine Wharf East at Surrey Quays<\/strong> is also seeing apartments letting very quickly with rents starting at \u00a3340 per week for a one bed.<\/p>\n

\"\"<\/a>
2 bedrooms, Surrey Quays, SE8<\/figcaption><\/figure>\n

We also continue to see new areas further east opening up which have until recently been over looked, offering excellent value.\u00a0 One of these is Deptford which is increasingly popular with tenants and landlords, appealing to a changing demographic as young professionals move there due to its convenient location, riverside setting and affordable rents which typically start at around \u00a3310 per week for a one bed apartment in a development. \u00a0Plaistow, East Ham and West Ham are also good examples, with the new Upton Gardens development, on the site of the former West Ham Football Club, also generating a lot of interest from budget-conscious professionals.\u00a0 Over at our Greenwich <\/strong>branch, the latest phase of Kidbrooke Village is generating a lot of interest, as too is the new Pavillion Square at Royal Arsenal Riverside, both offering excellent value for tenants.<\/p>\n

 <\/p>\n

North London<\/strong><\/p>\n

\"\"<\/a>
3 bedroom, Beaufort Park, NW9<\/figcaption><\/figure>\n

In Colindale, the last few weeks have been one of our Beaufort Park<\/strong>\u2019s busiest ever starts to a year, with enquiries coming in non-stop for all sizes of property.\u00a0 Quite a few tenants are upgrading their accommodation by moving from a one-bed to a two-bed property, often as they start a family, but choosing to stay at Beaufort Park which has a great sense of community.\u00a0 We have plenty of enquiries coming in from overseas professionals relocating to London<\/a> to join finance, law and tech firms \u2013 we have also found homes here for several professors at UCL.\u00a0 We are seeing professionals relocating here from countries worldwide, from India to Russia and Kasakhstan.\u00a0 All properties are letting quickly and we usually have a waiting list of referenced tenants ready to move as one becomes available.\u00a0 Tenants like brand-new properties<\/a> but older ones are popular too, holding their value and appeal well, as long as d\u00e9cor and furnishings<\/a> are regularly updated.<\/p>\n

Our Hampstead<\/strong> and Highgate<\/strong> branches also had a good start to the year, with properties of all types and sizes letting well \u2013 this has however led to a slight shortage of stock so both branches are looking for new instructions.<\/p>\n

 <\/p>\n

Central London<\/strong><\/p>\n

\"\"<\/a>
Kensington Square, Kensington, W8<\/figcaption><\/figure>\n

Our central London branches \u2013 Knightsbridge, Kensington<\/strong> and Hyde Park<\/strong> – are reporting that rental demand is continuing to pick up after January\u2019s slight, seasonal lull.\u00a0 Affordability remains an issue for most tenants though so competitively priced studios priced from \u00a3275-\u00a3350 per week and one bed apartments \u00a3375-\u00a3450 per week are letting most quickly.<\/p>\n

The regeneration of the area around Victoria station is having a dramatic impact on rental demand in central London, particularly neighbouring Knightsbridge, with new developments such as Kings Gate, Nova, The Hansom and 55 Victoria Street attracting increasing numbers of applicants, particularly young professionals and international students.\u00a0 Studios and one bed apartments here are flying out.\u00a0 Many applicants specify a particular development by name, in fact, we have waiting lists of fully referenced tenants, particularly younger professionals, waiting to move in to some buildings, attracted to the area\u2019s new sense of vitality with its contemporary cafes, bars and restaurants, as well, of course, as its convenient location and excellent transport links.<\/p>\n

\"\"<\/a>
Keybridge, Nine Elms, SW8<\/figcaption><\/figure>\n

More traditional period properties can take longer to let than apartments in new developments so, at this generally quieter time of year, rather than ending a tenancy in December or January and risking a void of several weeks, we advise landlords to implement a 13 (rather than 12) month tenancy to ensure their property remains tenanted throughout this period.\u00a0 This is proving successful, with increasing numbers of landlords now doing this \u2013 we therefore see more properties becoming available from February onwards, with landlords finding their property rents more quickly as the market picks up. Tenants too have greater choice if they decide to move nearer the spring.<\/p>\n

Rental demand is strong at our Nine Elms<\/strong> branch and January was busier than last year, with properties letting very quickly \u2013 this is primarily due to the fact that the area is becoming so much more well known.\u00a0 We have a waiting list of fully referenced tenants waiting to move in to apartments in the area, in fact, applicants often sign a tenancy agreement before their chosen apartment has actually been vacated, such is the demand.\u00a0\u00a0 Currently, we have just one apartment unoccupied and available to let.\u00a0\u00a0 Stock levels are good and we will soon be taking on new instructions at the new buildings in Embassy Gardens and Keybridge.<\/p>\n

 <\/p>\n

West London<\/strong><\/p>\n

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Quartz House, Ealing<\/figcaption><\/figure>\n

It has been a very busy few weeks in West London at our Imperial Wharf<\/strong> and Chelsea Creek, Dickens Yard and Kew Bridge branches which are all reporting strong demand.\u00a0 Our Dickens Yard<\/strong> branch in Ealing is seeing high demand from corporates and relocation agents, particularly from Japanese professionals who will be relocating to London in March\/April, the time of year when Japanese companies regularly relocate their staff overseas.\u00a0 \u00a0There are a few apartments left at Quartz House and we are receiving new instructions here too but after the spike in demand in early January, we do have waiting lists of tenants waiting for new apartments to become available.\u00a0 At Kew Bridge<\/strong>, apartments too are letting quickly, many to corporate clients, particularly in the oil industry – we have also just let a spectacular penthouse apartment to a senior executive, one of the best in the development.\u00a0\u00a0 The branch has also now let over 40 apartments at Dolphin House in Sunbury-on-Thames, another new development which offers excellent value to young professionals.<\/p>\n

 <\/p>\n

\"\"<\/a>
2-bedroom apartment, Sovereign Court<\/figcaption><\/figure>\n

Stocks are running low at Fulham Reach<\/strong> in Hammersmith, after a busier than usual January which saw lots of enquiries coming in, particularly for the new phases at Sovereign Court – Beaulieu House \u2013 where we have now let all our stock – and Montpellier House where there are now just a couple of apartments vacant.\u00a0 Apartments at nearby Queen\u2019s Wharf are all now fully let too.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s a familiar story but we are again happy to report that London is continuing to see strong rental demand although there are still shortages of supply in many areas.\u00a0 Many of our 16 London lettings branches are finding that certain developments are often fully let and they have no rentable stock at all, such … <\/p>\n

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