{"id":19844,"date":"2021-08-01T05:02:23","date_gmt":"2021-08-01T04:02:23","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=19844"},"modified":"2025-10-15T08:51:32","modified_gmt":"2025-10-15T07:51:32","slug":"aug-2021","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/aug-2021\/","title":{"rendered":"The London rentals market – August 2021"},"content":{"rendered":"

I am very pleased to report that rental demand is increasing across London, in fact, across our branch network and our website, in June, we saw a 57.2% increase in domestic enquiries<\/strong> and an 18% increase<\/strong> from overseas applicants all looking for rental properties in London<\/a> in July and August.<\/p>\n

\"\"Properties to let in Zones 2 and 4 are the top performers.\u00a0And, as we reported last month, shortages of stock are becoming a key issue for us.\u00a0In many areas, we now have waiting lists of fully referenced tenants waiting to move into some of London\u2019s most popular residential developments<\/a>.\u00a0In terms of priorities, applicants remain understandably cautious in what they are looking for in a rental home.\u00a0Most are keen to cover all possible requirements so more space (to work from home if necessary) is a \u2018must\u2019 and some outside space is also preferred.<\/p>\n

In most areas, we are looking for new stock to meet growing demand from tenants so if you are due to complete on a property soon or currently have a vacant property, please get in touch with your nearest Benham and Reeves branch<\/a>.\u00a0We have fully referenced tenants waiting to move and we expect lettings to achieve good market rentals.<\/p>\n

Rental demand soaring across London<\/strong><\/p>\n

Enquiries for rental properties in the City<\/a> and East London<\/a> continue to grow and this summer is now looking \u2018normal\u2019 in terms of rental demand.\u00a0Canary Wharf has the largest number of new developments completing at the moment, including Landmark Pinnacle in E14, One Park Drive and The Madison, also in E14.\u00a0Demand for homes in all these projects is very high and we desperately need more stock.<\/p>\n

\"\"
London Dock Wapping<\/figcaption><\/figure>\n

Over in Wapping, our branch is receiving enquiries for Cashmere Wharf, the latest phase of\u00a0London Dock<\/a> which starts completing in September so we are looking for instructions from landlords who own in this development.\u00a0Postmark<\/a> in EC1, has also been very well received and we also need more stock here.<\/p>\n

In West London<\/a>, our Dickens Yard in Ealing, Kew Bridge in Brentford branches are reporting a similarly high level of demand and enquiries from relocation agents<\/a> are picking up noticeably, many searching for homes for senior executives from Europe and Japan<\/a>, looking for high end properties.\u00a0As rents start to climb back to pre-pandemic levels, more applicants are making asking price offers and landlords are definitely in a stronger position due to increasing enquiry levels. The Green Quarter<\/a> in Southall has been very popular with tenants seeking good value.\u00a0If you have a property completing at the new phases, Sibley House and Watson House, please get in touch as we have fully referenced tenants waiting to move in. Also very popular for tenants on a \u2018budget\u2019 are the new developments in Harrow such as Eastman Village and Harrow Square<\/a>.<\/p>\n

Our Fulham Reach branch in Hammersmith<\/a> is reporting an excellent start to the summer, with many flats letting within 24 hours, before they even reach the website.\u00a0Our team is receiving a lot of enquiries, from professionals and international students, with many applicants wishing to move into their new home within a month or so \u2013 keen to get back to their former lives.\u00a0Two bed apartments with that all-important extra bedroom\/office are letting most quickly.\u00a0We are desperate for more stock, particularly of two and three bed apartments.<\/p>\n

\"\"
Clarendon North London<\/figcaption><\/figure>\n

In North London<\/a>, demand at Clarendon, an outstanding Berkeley scheme remains high.\u00a0In Highgate and Hampstead generally, this is proving to be a busy summer with demand higher than normal.\u00a0One and two bed apartments are letting immediately and enquiries for larger family homes (four bed houses) are increasing too, ahead of the start of the autumn school term in September.\u00a0Families are moving to the area from Europe and from other parts of the UK.\u00a0Again, we would like to talk to landlords about taking on new instructions for good quality homes, suitable for rental.<\/p>\n

At Beaufort Park in Colindale, our on-site branch staff continue to see enquiries increase further from BNO passport holders from Hong Kong<\/a> and the area is becoming a real hotspot for Hong Kong residents moving to the UK.\u00a0The development has a strong Chinese community with tenants moving here following word-of-mouth recommendation by friends or family.\u00a0Any apartments we take on here are simply flying out, sometimes within hours, and we have minimal stock left at the moment.\u00a0We have waiting lists for the two new buildings, Fairbank House and Fairmont House, which will be released soon.\u00a0We are also starting to see enquiries coming in from international students looking to resume their studies in London.<\/p>\n

Rents are stabilising<\/strong><\/p>\n

Generally, rents are firming up now due to the higher demand from applicants but landlords must be prepared to negotiate if required as many tenants are still prioritising value for money.\u00a0But we are moving in the right direction and due to shortage of homes on our registers, we should be in a good position to achieve good rents.<\/p>\n

Enquiries increase from international students<\/strong><\/p>\n

\"\"The last few weeks have seen a definite increase in enquiries from international students<\/a> looking to return to their universities in September.\u00a0There is clearly much more confidence amongst students and a real desire to return to learning in person.\u00a0Our branches in areas such as East London, the City, Beaufort Park in North London and Fulham Reach in West London have been busy handling enquiries from international students and while generally the numbers are perhaps around 40% of the usual enquiries, there is clearly pent-up demand and this is a significant step forward.<\/p>\n

Relocation agents returning to the market<\/strong><\/p>\n

Relocation agents working on behalf of international and domestic professionals are returning to the market, making enquiries on behalf of corporate clients moving to the UK soon, in time for the new school term in September.\u00a0Of course, large IT firms such as Facebook and Google have never gone away but generally the market for professionals relocating to London<\/a> is becoming much stronger, with enquiries coming in from Europe, the US and Asia as well as the UK itself.<\/p>\n

Strong competition amongst landlords with brand new apartments<\/strong><\/p>\n

As the rental market strengthens, some investors<\/a> may believe that it is easy to let a property quickly and for the best possible rent.\u00a0But this isn\u2019t necessarily the case. Applicants still have plenty of choice, particularly as there are quite a few completions taking place, delayed by last year\u2019s lockdowns, bringing new stock to the market simultaneously.<\/p>\n

For example, in one popular North London residential development<\/a>, where we have an on-site lettings branch, we\u2019ve discovered brand new apartments being listed with other agents but sitting empty for as much as three months, costing landlords thousands of pounds in lost rent.\u00a0Typically, these empty apartments tend to be handled by agents who don\u2019t have a local branch and so don\u2019t have an established reputation or a presence in the area so they are not the first choice when an applicant makes an enquiry about an apartment there.\u00a0Yet we are letting our own instructions at the development almost immediately \u2013 some in just a few hours.\u00a0Clearly, it pays to choose an experienced, local agent!<\/p>\n

Choosing the right letting agent<\/strong><\/p>\n

The lesson here is that, just as you carry out extensive research before employing a solicitor or accountant, in the same way you should check out the credentials of a letting agent before trusting them to let and manage your rental property<\/a>.<\/p>\n

In this post-pandemic world, where market conditions can evolve quickly, an experienced letting agent that understands the complexities of the London housing market and is able to accurately assess local market conditions, advise on presenting your property and accurate pricing, is essential.<\/p>\n

Landlords essential checklist<\/strong><\/p>\n

As not only clients will be reading this, I always like to remind readers of how important it is to instruct a good letting agent, one who will have the skills and experience to let your property quickly to a professional tenant.\u00a0Here is a reminder of our credentials!<\/p>\n

Lettings experience<\/strong>\u00a0We have over 60 years\u2019 experience in the London lettings industry.<\/p>\n

Experienced staff<\/strong>\u00a0Most of our staff are ARLA Propertymark qualified.\u00a0Many have worked with us for over 20 years.<\/p>\n

Corporate HR contacts<\/strong>\u00a0We work with the HR departments of leading international companies, including FTSE and Fortune 500 companies, to find homes for their executives.<\/p>\n

Local and international branch network<\/strong>\u00a0We have 18 London lettings branches<\/a> and8 offices in Dubai, Hong Kong, China, Malaysia, Singapore and India.<\/p>\n

Fullproperty management<\/strong>\u00a0We have our own, dedicated property management department.<\/p>\n

Furnishing\u00a0<\/strong>Our interior design and furnishing company<\/a> will ensure high end presentation to appeal to professional renters.<\/p>\n

Extensive comment from Benham and Reeves in the national press <\/strong><\/p>\n

\"\"
Marc von Grundherr, Director<\/figcaption><\/figure>\n

You may have seen more of Benham and Reeves in the national press recently, we are consistently in the national news and some overseas news feeds are regularly asking us for comment. There is so much interest in London property<\/a> and this is where our experience comes into its own.<\/p>\n

In the past 2 weeks alone, my fellow director, Marc von Grundherr, has given interviews to a number of national newspapers including the Times, The Guardian, the Evening Standard and City AM. See our press coverage<\/a> to read our latest contributions.<\/p>\n

And a final call for new instructions!<\/strong><\/p>\n

And finally, just to emphasise our key message, we are very short of stock in many parts of London.\u00a0So if you are looking to let your apartment quickly to a reliable, professional tenant, please contact your local Benham and Reeves branch<\/a> or international offices<\/a> so that we can organise a free rental appraisal<\/a> for you as soon as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"

I am very pleased to report that rental demand is increasing across London, in fact, across our branch network and our website, in June, we saw a 57.2% increase in domestic enquiries and an 18% increase from overseas applicants all looking for rental properties in London in July and August. Properties to let in Zones … <\/p>\n

Continue reading “The London rentals market – August 2021”<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":19845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[443,451,445],"tags":[],"class_list":["post-19844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlords","category-london-property-market","category-property-rental-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/19844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/comments?post=19844"}],"version-history":[{"count":10,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/19844\/revisions"}],"predecessor-version":[{"id":27078,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/19844\/revisions\/27078"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media\/19845"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media?parent=19844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/categories?post=19844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/tags?post=19844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}