{"id":20035,"date":"2021-10-01T08:04:10","date_gmt":"2021-10-01T07:04:10","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=20035"},"modified":"2025-12-10T09:08:31","modified_gmt":"2025-12-10T09:08:31","slug":"oct-2021","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/oct-2021\/","title":{"rendered":"The London rental market \u2013 October 2021"},"content":{"rendered":"

\"\"Demand for rental properties in London<\/a> is soaring.\u00a0 The number of enquiries we are receiving is building daily but our key issue remains that we simply don\u2019t have enough stock.\u00a0 In fact, we are currently down 38% in terms of new property instructions compared to same period in 2019. \u00a0It feels like all the applicants who moved away from London last year are returning \u2013 plus we have this year\u2019s applicants looking for new homes<\/a> too, leading to unprecedented demand.<\/p>\n

So clearly, we are much busier than usual and this high demand is for properties across the board \u2013 from studios to larger apartments and in all locations.\u00a0 Overseas and domestic professionals are returning to London, relocation agents<\/a> are calling us and students are very much back with a dramatic \u00a0jump in the numbers of enquiries we are seeing across all of our 18 London branches.<\/p>\n

And because of the shortages of stock, most tenants are not negotiating over rent and are happy to pay the asking rent \u2013 as long as this is in line with current market conditions.\u00a0 Tenants recognise they no longer have the front-foot here and some are even complaining about the lack of choice!\u00a0 Many of our client rental properties are being rented within 48 hours of being furnished and our sister company InStyle Direct<\/a> has been inundated with instructions to furnish and decorate properties<\/a> so they can be marketed at full rental as soon as possible.<\/p>\n

This momentum has been building over the last two or three months and we are not surprised by the surge in demand after the frustrations of a year and a half of lockdowns \u2013 the bounce back was always likely to be dramatic and this has proved to be the case.<\/p>\n

A turnaround for lettings<\/strong><\/p>\n

So we are desperately short of rental properties.\u00a0 In many areas we are seeing applicants trying to outbid each other for the best properties, with gazumping once again a feature of the rental market.<\/p>\n

If you are a landlord with a rental property in a new development or a flat that is soon to be vacated by your current tenant, please get in touch with your nearest Benham & Reeves branch<\/a> (we have 18 branches across London) to organise a free rental appraisal<\/a> \u2013 we will almost certainly have fully referenced tenants already waiting to move into your property!<\/p>\n

Students return to their universities in London<\/strong><\/p>\n

\"\"International students are once again a driving force in the London rental market<\/a> and we have seen a dramatic increase in numbers, with enquiry levels exceptionally strong.\u00a0 They tend to have good budgets to secure their chosen properties. This year, they have had to be extremely organised and generally have signed a tenancy agreement on a rental property<\/a> ahead of their arrival in London.\u00a0 This usually means viewing a property by video tour, agreeing the tenancy and organising deposits etc before they arrive in the UK.\u00a0 Shortages of stock have caused queuing to view properties with some applicants having to wait until November to move into their chosen property \u2013 such is the high demand.\u00a0 Of course, this is good news for any landlords who have a vacant property<\/a> that will be available sooner.<\/p>\n

The City & East London and SE London stock shortage<\/strong><\/p>\n

We are extremely short of stock throughout the City and East London so are very keen to talk to landlords who currently have a vacant property.\u00a0 We already have many fully referenced tenants keen to move into a new home as soon as possible.<\/p>\n

This is our peak season in \u2018normal\u2019 times so the additional pent-up demand means that enquiries really are going through the roof.\u00a0 Applicants include overseas and UK professionals returning to London and students who are keen to return to their universities this year.<\/p>\n

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

Cashmere Wharf at London Dock is a top performer for us and we recently took on three new instructions here which we let within 24 hours of being furnished \u2013 all for premium rents and higher than we had expected.\u00a0\u00a0 Many applicants who would like to move into a new property as soon as possible are having to wait until November when flats are becoming vacant.\u00a0 They\u2019re prepared to wait though as they recognise the competitive nature of the market at the moment.<\/p>\n

Another top performer is 250 City Road in Shoreditch \u2013 rental demand remains very high here and enquiry levels continue to grow.\u00a0 But again shortages of stock remain a real problem.\u00a0 Apartments are generally achieving full asking rental.\u00a0 There has been a real surge in demand from international students who have returned to London and really love the location and the quality of this development.<\/p>\n

South London \u2013 Vauxhall, Battersea Power Station and Nine Elms<\/strong><\/p>\n

\"\"There have been a couple of real gamechangers taking place at Nine Elms over the last few weeks.\u00a0 First, the area\u2019s two new tube stations \u2013 Nine Elms and Battersea Power Station (on the Northern Line) \u2013 are now open.\u00a0 This will have a dramatic effect on applicants\u2019 view of the area and how easy their commute to work will be \u2013 whether in central London, the City or the West End.\u00a0 Also, it was confirmed earlier this year that the two new tube stations are in Zone 1, so again this has a significant effect on the area\u2019s desirability and appeal.<\/p>\n

Demand is extremely high at all the developments in Nine Elms<\/a> and we currently have almost no stock \u2013 some applicants are waiting until November to move to a new home as nothing is available sooner.\u00a0 Almost all this demand is from international students with very good budgets.\u00a0 Around 50% of these students are Chinese (a good sign that China\u2019s borders are reopening) and around 50% from the Middle East.\u00a0 These students are very well organised.\u00a0 Their university place has been confirmed earlier than usual so they have been able to secure a property in advance.\u00a0 So this university term we are seeing a slightly different and more organised approach.\u00a0 Many of these students are second or third year or PhD students who are returning to university after the lockdowns.<\/p>\n

\"\"
Embassy Gardens Nine Elms<\/figcaption><\/figure>\n

Thankfully, we have more stock coming to the market soon \u2013 at Embassy Gardens we have been letting new instructions recently \u2013 and at DAMAC Tower, the luxury apartments in Nine Elms with interiors designed by Versace.\u00a0 These are extremely sought-after and with the opening of the Nine Elms & Battersea Tube station on the new Northern Line extension which falls into Zone 1 of TFL\u2019s fare zones, we are expecting to see many more enquiries from private renters as they discover how convenient the location is for commuting into the West End in just 15-20 minutes.<\/p>\n

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

Rental demand in West London<\/a> is sky-rocketing.\u00a0 Professionals are returning to London and our branches in Dickens Yard in Ealing<\/a> and Kew Bridge in Brentford are receiving high numbers of enquiries from relocation agents, students and also BNO passport holders from Hong Kong<\/a>.\u00a0 Stock levels are very limited and with demand so high, many apartments are attracting offers of more than asking rent.\u00a0 Other new developments nearby such as Eastman Village in Harrow and The Green Quarter in Southall<\/a> are also seeing apartments let almost immediately. \u00a0Our Malaysia office has also had a very successful run of selling new homes in the scheme to Malaysian investors with budgets of \u00a3400-600,000<\/p>\n

\"\"
Fulham Reach Hammersmith<\/figcaption><\/figure>\n

At Fulham Reach in Hammersmith<\/a>, business is also crazily busy. The market is moving incredibly quickly with two and three bed apartments letting within 24 hours.\u00a0 Again shortages of stock are our main issue here.\u00a0\u00a0 A couple of years ago, older properties would take a little longer to let than brand new ones, now tenants are happy to secure any apartment in developments such as Fulham Reach or Sovereign Court<\/a>. The next phase at Sovereign Court \u2013 Beaulieu House \u2013 completes this month and we already have many applicants referenced and ready to move into a rental property here.\u00a0 We are pleased to say that we have a lot of new instructions so this should ease stock shortages a little.<\/p>\n

As well as professionals, we are also seeing strong demand from students \u2013 mainly from China and Asia generally. They have been on our waiting lists and are keen to move as quickly as possible. In general though, stock levels are at an all-time low in West London and we would love to talk to landlords with properties in the any of the areas I\u2019ve mentioned.<\/p>\n

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

\"\"Demand remains extraordinarily high at Beaufort Park in Colindale \u2013 properties across the board are renting immediately \u2013 usually within 48 hours. Again, students with good budgets are very much a driving force at the moment and just a few months ago we could not have predicted how much the market would bounce back after the last lockdown.\u00a0 We\u2019re finding homes for first year students from China, now that Chinese borders are opening up again.\u00a0 The two new buildings to complete, Fairbank House and Fairmont House \u2013 are now fully occupied and we let apartments here within 48 hours of being furnished and going onto the market.\u00a0 Generally flats are achieving good rents and many applicants are making offers for over asking rent.<\/p>\n

And in the ever-popular areas of Highgate and Hampstead, properties are letting quickly and we have been extremely busy.\u00a0 We are again almost out of stock, particularly of studios, one and two bed apartments.\u00a0 Relocation agents are calling us regularly on behalf of overseas professionals, many from tech companies such as Facebook.\u00a0 We\u2019re also seeing higher numbers of enquiries than normal from students.\u00a0 Many are interested in new developments such as Highbury Stadium Square and Woodberry Park.\u00a0 Generally, any applicants who already live in the area but have to move home, perhaps to find more space, choose to stay local.\u00a0\u00a0 We\u2019ve also been finding larger homes for overseas professionals and their families, moving here to take advantage of the excellent schools.<\/p>\n

Call us for a free rental appraisal<\/strong><\/p>\n

Clearly, rental demand has been soaring over the last few weeks and it can be difficult for landlords to keep up with this rapidly changing market. If you would like us to carry out a free rental appraisal of your London property, please contact<\/a> your nearest Benham & Reeves branch for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

Demand for rental properties in London is soaring.\u00a0 The number of enquiries we are receiving is building daily but our key issue remains that we simply don\u2019t have enough stock.\u00a0 In fact, we are currently down 38% in terms of new property instructions compared to same period in 2019. \u00a0It feels like all the applicants … <\/p>\n

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