{"id":7864,"date":"2016-08-01T11:17:53","date_gmt":"2016-08-01T10:17:53","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=7864"},"modified":"2025-12-10T09:34:59","modified_gmt":"2025-12-10T09:34:59","slug":"the-london-rental-market-august-2016","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/the-london-rental-market-august-2016\/","title":{"rendered":"The London rental market \u2013 August 2016"},"content":{"rendered":"

After the initial shock of the outcome of the European Referendum<\/a> vote, most of our London lettings offices are reporting not just that the rental market has returned to normal, but that they are seeing a dramatic upturn in enquiries from tenants. Many applicants are keen to move to the UK before secession is complete and nearly half of new enquiries at the moment are from applicants from Europe, an overall increase of 20%.
\n<\/p>\n

City, Canary Wharf, Docklands and East London<\/strong><\/h2>\n

Rental demand in the City and East London has bounced back since the Referendum\u00a0 and we are seeing strong demand, on a similar level to this time last year. Enquiry levels are good across East London generally, particularly from young professionals looking for one and two bedroom apartments.<\/p>\n

\"Pan
One bedroom apartment in Pan Peninsula Square<\/figcaption><\/figure>\n

Our City <\/a><\/strong>branch has been particularly busy finding homes for British and overseas students. Developments such as Cityscape<\/a>, The Heron<\/a> and Aldgate Place are in high demand. Typically students have good budgets, and are looking for either one bedroom<\/a> flats for \u00a3330 – \u00a3575 per week or two bedroom properties to share for \u00a3800 per week. They make good tenants, paying 10 to 12 weeks\u2019 deposit and rent in advance for 6 \u2013 12 months. They will often stay for the entire three or four years of their course, giving landlords a steady income, with no voids during that period. In Canary<\/strong> Wharf<\/strong><\/a>, we are continuing to see high numbers of professionals and new graduates looking for well priced rental homes and demand is good. We have good stocks of properties, with apartments in Pan Peninsula<\/a>, Providence Tower and Horizons among the most popular.<\/p>\n

Our Marine Wharf office<\/a><\/strong> at Surrey Quays is busy and properties are letting quickly, usually in 7 \u2013 10 days. One bedroom<\/a> apartments at Surrey Quays are achieving \u00a3350 – \u00a3375 per week and two bedroom properties \u00a3420 – \u00a3450 per week. The latest phase of apartments to launch at Surrey Quays is Cleverly Court and demand for properties here is very strong. Demand is also good in Wapping<\/a><\/strong> and work at the new London Dock development is coming on well. We are expecting to have properties to rent at the first phase of apartments here during the last quarter of the year. Over in Greenwich<\/a><\/strong> rental demand remains consistently good with properties letting quickly, again usually within 7 \u2013 10 days. The combination of high spec apartments, an easy commute to Canary Wharf and central London and good value for money means Greenwich is a perennially popular place to live.<\/p>\n

Central London<\/strong><\/h2>\n
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Five bedroom house listed with our Knightsbridge branch<\/figcaption><\/figure>\n

The corporate market is particularly strong in the Hyde Park<\/a><\/strong> area and we have been seeing very high demand from relocation agents acting on behalf of senior executives from the USA, South America, Asia, Australia and New Zealand.\u00a0 Properties in the \u00a31,200-\u00a31,800 per week price bracket are letting quickly but applicants are more demanding, comparing properties down to every last detail, from the facilities to the quality of finish. We have also been busy finding homes for wealthier students, particularly those from overseas, who\u2019s rents are guaranteed by parents and have generous budgets for one bedroom apartments at \u00a3400 – \u00a3450 per week and two bedroom apartments at \u00a3600 – \u00a3900 per week. Demand from young professionals has slowed a little but this is mainly because many are opting for the stability of renewing their current tenancy and remaining in their current home so they can avoid the cost and inconvenience of moving. Tenancy renewals are at a record high of 95%.<\/p>\n

Our Knightsbridge<\/a><\/strong> branch is extremely busy, with enquiry levels picking up significantly post-Brexit as applicants began to realise that the economy hadn\u2019t collapsed so they decided to refocus and get on with their lives. Our lettings team is carrying out increasing numbers of viewings and taking on quite a few new instructions too. We are even receiving multiple offers on some rental properties.<\/p>\n

Enquiries are picking up at our Kensington<\/a><\/strong> branch, particularly for smaller apartments<\/a> priced at up to \u00a3600 per week which are letting to professionals and new graduates moving to London for the first time from other parts of the UK. We are also starting to see enquiries pick up amongst students and this demand is likely to gain momentum over the next few weeks as we approach the start of the September term.<\/p>\n

Rental demand in Ealing<\/a><\/strong> is extremely strong and the team at Ealing branch situated at the Dickens Yard<\/a> property development have been working flat out to handle enquiries from applicants. Properties are letting extremely quickly in Dickens Yard, usually for the full asking rental. Demand for rental apartments at Dashwood House<\/a>, the latest building to launch, is exceptional and we are out of stock of one bedroom apartments, with only a couple of two bedroom apartments available for rent right now. Similarly, our Kew<\/a> <\/strong>branch \u00a0which also covers upcoming Brentford, is also extremely busy, with apartments letting very quickly. We are looking for new instructions in Ealing and Kew environs to meet demand as currently we have several applicants per property.<\/p>\n

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Four bedroom penthouse at Imperial Wharf<\/figcaption><\/figure>\n

Our Hammersmith<\/a><\/strong> branch at Fulham Reach<\/a><\/strong> is also doing brisk business and demand is high for all sizes of property. One, two and three bedroom properties are letting quickly, usually for close to asking rental. With the rental market so busy, we are short of stock of some types of property and looking for new instructions from landlords. Smaller units should be furnished well to secure a quicker let.<\/p>\n

The corporate market is also strong further up the River at Imperial Wharf<\/strong> <\/a>and Chelsea Creek <\/a><\/strong>in Fulham, with good demand across the board, all of which are letting quickly. Although one and two bedroom apartments are always in demand, it has been good to see demand increasing for larger apartments for senior City executives looking for more space and a river vista.<\/p>\n

North\/North West London<\/strong><\/h2>\n

Rental properties in Hampstead<\/a><\/strong> are letting well and the rental market has bounced back after a slight lull in the run-up to the Referendum vote and is now noticeably busier as people get on with their lives, moving to take up a new job or settling their children into a new home before the September school term. We are seeing good demand both from young professionals looking for small, well-priced properties and from relocation agents looking for larger family homes for executives from countries worldwide \u2013 mostly outside the EU which is normal for Hampstead. Most are looking for three and four bedroom family homes and we have good stocks to meet this demand. The rental market remains price sensitive though and tenants do expect to find good value so properties should be priced accurately in line with the market and of course, must be extremely well presented and up-to-date.<\/p>\n

At Beaufort Park<\/strong> <\/a>in Colindale demand is, dare I say \u2018phenomenal\u2019 and we have had an unbelievable few weeks, with June being one of our busiest ever since we opened on-site here at the development. The amount of tenancies we have concluded is up 100% on the same period last year. Studio<\/a>s, one, two and three bedroom apartments are all letting quickly and, with the recent launch of the Goldhawk Apartments, we have plenty of stock to meet demand. Now that the Brexit vote is over, applicants seem more focused on finding a home and many tenants are choosing two or three year tenancy agreements, another sign of their confidence in the wider economy.<\/p>\n

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Four bedroom house listed with our Highgate branch.<\/figcaption><\/figure>\n

In Highgate<\/a><\/strong>, demand is steady and we would like to have more apartments on our books as demand is there. One and two bedroom apartments are letting quite quickly as long as they are accurately priced and well presented. Enquiries for family homes<\/a> in the \u00a31000 \u2013 \u00a32000 per week price bracket have not been at our usual levels but we have since an increase in the last few weeks as the market corrects itself.<\/p>\n

Our Nine Elms branch <\/a>will soon be open for business and in the meantime, anyone with a property to let in the area should contact us for a free, no obligation rental valuation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

After the initial shock of the outcome of the European Referendum vote, most of our London lettings offices are reporting not just that the rental market has returned to normal, but that they are seeing a dramatic upturn in enquiries from tenants. Many applicants are keen to move to the UK before secession is complete … <\/p>\n

Continue reading “The London rental market \u2013 August 2016”<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":7899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451,445],"tags":[],"class_list":["post-7864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market","category-property-rental-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/7864","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=7864"}],"version-history":[{"count":53,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/7864\/revisions"}],"predecessor-version":[{"id":27747,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/7864\/revisions\/27747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media\/7899"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media?parent=7864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/categories?post=7864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/tags?post=7864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}