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As we look forward to what\u2019s ahead in 2022, we can\u2019t help but compare this year to last \u2013 and clearly the outlook is much more positive now than it was 12 months ago.\u00a0 In January 2021 we had just embarked on yet another lockdown, so life was difficult for many landlords \u2013 and tenants.<\/p>\n
Move forward to 2022 and, while we clearly still have some challenges, the UK economy is already starting to recover and the future looks a lot brighter now there is little possibility of further lockdowns and travel restrictions.<\/p>\n
Rental demand in London is increasing again after the Christmas break and we have bounced back very quickly, with enquiries picking up from early January.\u00a0 The number of applicants that we are registering as I write, is up over 150% compared to the same period in 2020, before the pandemic started and up 47% versus 2019. Usually it can take a while for rental demand to build at the start of the year but this clearly indicates that demand from applicants is strong and budgets are good.\u00a0 Corporates and international students have returned to London in droves, keen to resume their careers after lengthy periods working from home.\u00a0 So, there is still a lot of pent-up demand from renters and we expect this to drive forward the market over the next few months. The biggest challenge we now face is the acute shortage of available rental properties<\/a>.<\/p>\n With such high demand, shortages of good rental properties will remain a challenge for all letting agents in London<\/a>.\u00a0 We have waiting lists of fully referenced tenants ready to move into new homes but many will have to wait for much longer than they had anticipated until a property becomes available.<\/p>\n A key issue we\u2019ve faced also over the last few weeks, along with most other companies, has been staff isolating with Covid 19.\u00a0 During the latter part of December 2021 we were operating with fewer staff than normal but most are now back and, in any eventuality, our staff are digitally armed with all necessary tech and able to work from home, if necessary, to minimise any impact on business.<\/p>\n Over the next few months several new property developments are due to complete and we are already talking to landlords about letting their properties, so with new instructions coming to the market, we hope the situation will ease a little.\u00a0 Popular developments include Cashmere Wharf at London Dock, South Quay Plaza and Landmark Pinnacle \u2013 all in East London.\u00a0 In the City, One Bishopsgate Plaza has also started to complete over the last few days and we are receiving enquiries here.<\/p>\n In West London, we have further new instructions lined up at The Green Quarter in Southall which has been a hugely popular scheme for us. And at The Horlicks Quarter in Slough, close to Heathrow Airport, meeting demand from professionals happy to live a bit further out of the Capital at lower rents.\u00a0 We also expect to see numerous instructions coming on stream at Wembley Park, an area within an easy commute of central London that is seeing dramatic regeneration.<\/p>\n Other areas where demand is consistently high includes Beaufort Park, a St George development in Colindale, North West London, where we\u2019ve had a branch on-site since 2006.\u00a0 Also in Nine Elms Point in Vauxhall, Battersea Power Station and 250 City Road in Shoreditch.\u00a0 Across the Capital, demand for these types of brand-new properties to rent<\/a> in London will continue to be high.<\/p>\n If you are a landlord and let your property in early 2021, so the tenancy is now close to renewal, please get in touch with your nearest Benham & Reeves branch<\/a>.<\/p>\n Rents have been increasing over the last few months due to the shortages of stock \u2013 in some cases by more than 5%.\u00a0 So as market conditions have changed dramatically in the last few months, we may be able to help you secure a higher rent.\u00a0 Now is the time to obtain an up-to-date rental valuation to make sure you are achieving a competitive market rent.\u00a0Please contact our experienced staff at to arrange an appraisal.<\/p>\nShortages of good rental properties in London set to continue<\/h2>\n
Challenges presented by the pandemic<\/h2>\n
New instructions at London\u2019s most popular residential developments<\/h2>\n
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Landlords \u2013 please call us to arrange a free rental valuation<\/a> !<\/h2>\n