\n
\nOverall, prices rose by around 10% last year in Kensington but are now stabilising and landlords need to be aware of the changes in the market.\u00a0 The rental market is price sensitive and budget is still an issue so flexibility is important, even a slight reduction in asking rental will ensure significantly more enquiries.\u00a0 \u00a0A willingness to compromise will mean shorter void periods.<\/p>\n
![\"3-Berners-Street\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2014\/04\/3-Berners-Street-150x150.jpg\")
Around Hyde Park, Notting Hill and Bayswater, we\u2019re seeing high tenant demand, driven primarily by young professionals and couples looking for one and two bed properties.\u00a0 The area around Hyde Park is popular with international renters, mainly from Europe, the US and the Far East, as well as Londoners.\u00a0 The corporate market is particularly active.\u00a0 New developments remain extremely popular, especially Portobello Square which continues to attract high volumes of enquiries.\u00a0 We have no stock here at the moment and have already let all our available units in the next phase which launches in July.\u00a0 With properties being snapped up so far in advance, we are actively looking for new instructions to meet demand.\u00a0\u00a0 Demand is similarly high at the new developments in Paddington Basin such as Sheldon Square and West End Quay where apartments are letting within days and we have a steady stream of new applicants.<\/p>\n
City, Canary Wharf, Docklands and Greenwich<\/h2>\n
Rental demand in the City and Canary Wharf continues to increase even above our expectations.\u00a0 With spring one of our busiest times of year, properties are letting within days.\u00a0 A high proportion of tenants are renewing their leases, limiting the number of new properties coming to the market and adding to the pressure on applicants who need to act very quickly to secure the property they want.\u00a0\u00a0 Executives from banks, accountancy and law firms appear to be driving much of this demand.<\/p>\n
This high level of activity continues to push out into areas like Greenwich.\u00a0 We\u2019ve just celebrated the end of the first quarter at our new office there and demand has been incredible.\u00a0 The area is being transformed and, while it has long been a favourite with young couples and families, it is now attracting a new generation of resident \u2013 affluent young professionals looking for the glamorous lifestyle offered by these fabulous new developments.<\/p>\n Generally, the applicants we\u2019re seeing have good budgets and, with availability becoming restricted, \u00a0we have waiting lists of fully referenced tenants for several developments such as New Capital Quay and Paynes and Borthwick.\u00a0 If tenants have set their heart on a particular development they\u2019re usually willing to wait until an apartment becomes available.<\/p>\n Apartments often let within a day.\u00a0\u00a0 We\u2019re starting to see the first renewals at some developments now and over 95% of tenants are renewing their leases so clearly most tenants are choosing to stay, unless they have to move away with their job.\u00a0 The huge demand means rents in Greenwich have risen around 20% in the last year.<\/p>\n We\u2019ve had a phenomenal start to the year at our Beaufort Park office in Hendon, with business up nearly 20% during the first quarter of 2014 compared to 2013 and a winning formula of good stock levels coupled with high tenant demand.\u00a0\u00a0 We\u2019re receiving high numbers of instructions in the newest building, Ellison House, for which we\u2019ve had waiting lists of referenced tenants for some weeks.\u00a0 Empire House launches soon and it\u2019s a similar picture there.<\/p>\n Value for money remains a priority amongst tenants, many of whom are moving here from central London.\u00a0 They can find high spec accommodation and great facilities \u2013 a gym and pool – at cheaper prices.\u00a0 The commute is easy and they can make substantial savings compared to the cost of a central London apartment.\u00a0 Apartments in the newest blocks achieve \u00a320-\u00a330pw more than those in older buildings but tenants are happy to pay a premium as this still represents a significant saving over central London rental prices.<\/p>\n Over in Hampstead, demand remains strong too.\u00a0 Smaller one and two bed apartments are \u00a0letting quickly while demand for larger family homes is also picking up.\u00a0 We are starting to see more enquiries come in from relocation agents, searching on behalf of executives looking to move to Hampstead with their families.\u00a0 They\u2019re keen to find a home, and that all important school place for their children, in plenty of time for the start of the autumn school term in September.<\/p>\n","protected":false},"excerpt":{"rendered":" Central London The Kensington rental market is steady although we have seen fluctuations in demand recently.\u00a0 \u00a0The wet weather seemed to put people off looking for a home but the sunshine has brought out applicants again, enquiries are increasing and properties, particularly one, two and three bed properties, are letting quickly.\u00a0 Around 90% of tenants … <\/p>\n![\"New-Capital-Quay\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2014\/04\/New-Capital-Quay-150x150.jpg\")
North\/North West London<\/h2>\n
![\"20-Bantam-House-recep\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2014\/04\/20-Bantam-House-recep-150x150.jpg\")