West London Our West London branches<\/a> \u2013 Fulham Reach, Imperial Wharf, Ealing<\/strong> and Kew Bridge<\/strong> \u2013 are all experiencing high demand at the moment. Central London<\/strong><\/p>\n After a quiet few weeks in central London, rental demand around Hyde Park, Knightsbridge<\/strong> and Kensington<\/strong> is picking up again.\u00a0 We have good stock levels and accurately priced, well presented properties are letting well, particularly to applicants relocating from the US, Australia, Italy, France and Germany.\u00a0\u00a0 The areas bordering Hyde Park itself are extremely sought-after.\u00a0 Tenancy renewals remain at a very high level \u2013 around 90% of tenants are renewing their existing tenancy.<\/p>\n This is still a difficult market though – applicants are knowledgeable and compare rents, expecting to do a deal with landlords, so flexibility is key to ensuring a property lets quickly.\u00a0 Many also request a six month break clause in their lease in case their personal circumstances change.<\/p>\n With new developments setting the bar so high in terms of presentation, another important consideration for landlords with older properties is refurbishment<\/a>.\u00a0 Properties should be updated to a high spec to appeal to tenants increasingly used to showhome standards.<\/p>\n Rental demand at Nine Elms<\/strong><\/a> continues to go from strength to strength and properties usually let within one or two viewings at most.\u00a0 \u00a0In fact, we are even letting apartments in advance before the previous tenancy ends, so the new tenant can move in immediately.\u00a0 And of course, most tenants renew their existing tenancy \u2013 the only ones vacating are those who are moving away.<\/p>\n The City and East London<\/strong><\/p>\n Properties in the City<\/strong><\/a> and east London continue to let quickly, particularly those priced up to \u00a3750 per week.\u00a0 And with tenancy renewals still running at over 60%, reducing the number of properties coming back onto the market, we are seeing shortages of rental stock, particularly one bed properties priced up to \u00a3550 per week.<\/p>\n The lack of this type of rental stock in the City is pushing many younger professionals<\/a> to move east towards Canary Wharf<\/strong> where there is a greater choice of good quality rental<\/p>\n properties at affordable price points such as the recently launched Liberty Tower in E14, as well as Perilla Tower at Goodman Fields which is being handled by our City and Wapping<\/strong> branches.\u00a0 Another exciting new development generating a lot of interest is London Square Spitalfields where one bed apartments are achieving upwards of \u00a3550 per week and two beds upwards of \u00a3725 per week.\u00a0 Our Wapping branch is also looking forward to the launch of Cashmere Wharf at London Dock which is expected over the summer.\u00a0 Our Surrey Quays<\/strong> branch is now receiving new instructions at Marine Wharf East, where apartments are letting quickly, mainly to young professionals working in the City.\u00a0 And over in South East London, the\u00a0Kidbrooke Village<\/a> remains very popular – the latest phase, Hopgood Tower, is launching now, with one beds achieving \u00a3340+ per week.<\/p>\n At the upper end of the market, we have new stocks of two bed\/two bathroom properties priced at \u00a3750\/\u00a3800 per week coming to the market \u2013 these are popular with senior executives as well as professional sharers.\u00a0 At this price point sharers can find a high spec property with good amenities which would be beyond their budget if they were to rent alone.<\/p>\n North London<\/strong><\/p>\n Our Hampstead<\/strong> and Highgate<\/strong> branches have a shortage of rental properties at the moment, particularly one and two bed apartments, so accurately priced flats are letting quickly but presentation must be immaculate.\u00a0 \u00a0Applicants are savvy though \u2013 they research the market and compare properties in detail, shopping around to find the right property at the right price.\u00a0 Many are looking to reduce costs so negotiate hard to get a good deal and increasingly, they are requesting a break clause at six months in case their job situation changes.\u00a0 We would therefore recommend landlords be prepared to be flexible in order to secure a tenant quickly.\u00a0 New developments close to the area are setting the bar high in terms of d\u00e9cor and presentation so we would recommend landlords consider a refurbishment if their property has not been decorated for a while.\u00a0 Refurbished properties always let more quickly so the cost usually pays for itself pretty quickly.<\/p>\n In Colindale<\/a>, our Beaufort Park<\/strong> branch is very busy \u2013 apartments are letting quickly, usually for the full asking rental and we have good stocks to meet the high demand.\u00a0\u00a0 We are receiving a lot of enquiries from relocation agents<\/a> and professionals working for some of the large tech companies moving to north London at the moment.\u00a0 \u00a0Being close to the Northern line means it is an easy commute into Kings Cross and nearby areas where many of these companies now have headquarters.\u00a0\u00a0 The availability of parking is also an important issue, with most applicants requesting an apartment with its own, private parking space.\u00a0 Tenancy renewal levels are very high, around 80% of current tenants are renewing, illustrating how popular the development has now become.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" We\u2019ve talked a lot recently about the growing shortage of good rental stock in London.\u00a0 A major factor contributing to this is that tenancy renewals are at a high at the moment so stock is simply not coming back onto the market.\u00a0 In some areas, renewals are running at 90%!\u00a0 But why?\u00a0 A few years … <\/p>\n
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\nAt\u00a0Fulham Reach in Hammersmith, we are struggling for stock.\u00a0 We have let all our available properties at Sovereign Court<\/a> and are waiting for some tenants to vacate in March\/April. Although around 70% of tenants are choosing to renew.\u00a0 All our properties are fully let at Fulham Reach too and we are looking forward to receiving new instructions when the latest phase, the Henley Apartments, launches in the summer.\u00a0 This will have only two and three bed apartments though.\u00a0 As a result of the lack of stock, apartments are letting on first viewing, or even before a viewing takes place.\u00a0Dickens Yard<\/a> in Ealing and Kew Bridge<\/a> in Brentford are seeing strong demand too and one bed apartments in particular are in very high demand \u2013 these are letting instantly.\u00a0 In both developments around 90% of tenants are renewing. We have a very few apartments left at Dickens\u2019 Yard\u2019s new building Quartz House and our Kew Bridge has limited stocks but is busy handling enquiries for the latest phase at Queenshurst Square in Kingston. We are also receiving instructions a little further afield at Harrow Square<\/a> when the next phase launches soon.<\/p>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2019\/03\/Baker-Street-2-bed-flat-to-rent-300x200.jpeg\")
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