{"id":8686,"date":"2016-10-01T14:00:44","date_gmt":"2016-10-01T13:00:44","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=8686"},"modified":"2024-05-23T10:00:45","modified_gmt":"2024-05-23T09:00:45","slug":"the-london-rental-market-october-2016","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/the-london-rental-market-october-2016\/","title":{"rendered":"The London Rental Market \u2013 October 2016"},"content":{"rendered":"

The last few weeks of September saw our 16 London lettings branches do brisk business and we are still\u00a0flat out finding homes for many different types of applicants \u2013 from young professionals<\/a>, new graduates and students<\/a> to families relocating to London. Demand for rental accommodation across London remains buoyant and we continue to see professionals moving to the capital from Europe, the USA and South East Asia. Last month also saw the launch of our sixteenth London lettings branch, in Nine Elms Point<\/a> on the South Bank, very close to Battersea Power Station.\u00a0 For now, we are operating from a suite at the development\u00a0until the office is ready but it\u2019s all systems go and exciting time to be located in central London\u2019s largest regeneration zone.<\/p>\n

Central London <\/strong><\/h2>\n

Our Kensington<\/strong><\/a> branch is very busy, with demand for one bedroom properties (\u00a3325 – \u00a3400 per week) consistently high and enquiries for two bedroom apartments (\u00a3550 – \u00a3700 per week) also picking up noticeably. Relocation agents have been active looking for rental homes for their clients, particularly two and three bedroom properties. The rental market continues to be price sensitive and applicants looking for properties at the lower end of the market in particular are keen to negotiate in order to secure the best possible home for their budget.<\/p>\n

Presentation remains key to ensuring a property lets quickly. While demand is good for new-build and period homes, landlords who own older period homes realise they must invest in d\u00e9cor and furnishings<\/a> in order to attract a tenant quickly and achieve a good rental yield. Older homes must be modernised and impeccably presented to compete with the show-home standards of new developments and many landlords are refurbishing to ensure their properties stand out.<\/p>\n

In Knightsbridge<\/strong><\/a>, we have had an exceptionally busy few weeks. Much of this demand has come from students, who have mainly been looking for studios and one bedroom apartments with hi-speed broadband<\/a>\u00a0at the top of their wish-list.\u00a0 We have also been letting a number of premium properties to senior executives. We have been receiving plenty of new instructions to meet demand from applicants which is very encouraging.<\/p>\n

\"92-quayside-house-8-kew-bridge-road-tw8-2\"
Three bed apartment with river views at Kew<\/figcaption><\/figure>\n

Demand remains consistently high at the Dickens Yard<\/a> property scheme in Ealing<\/strong><\/a>, with our on-site branch reporting that many applicants are asking to view\u00a0apartments in the latest phase, Dashwood House. We continue to see applicants moving here both from other parts of London and from overseas. Lots commute into central London but increasingly many are travelling to jobs based in company headquarters situated along the M4 corridor. Our Kew <\/strong><\/a>branch continues to see demand grow and with its easy commute into central London, more couples are moving to the area\u00a0looking for a more peaceful lifestyle. We\u2019ve just received\u00a0a good offer on this three bedroom\u00a0apartment with fantastic views over the river towards Strand-on-the-Green. Larger units usually take a while to let but a \u201croom with a view\u201d does not keep a property on our books for long.<\/p>\n

The rental market around Hyde Park<\/strong> <\/a>is buoyant, with good demand for all types of property, from the modern apartments in Paddington Basin to the period properties of Fitzrovia, Notting Hill and Bayswater. \u00a0We are busy with enquiries for properties across the board, from one bedroom apartments to luxury penthouse apartments and townhouses, all achieving good asking rentals.<\/p>\n

We\u2019ve also been sprucing up a few properties for our landlords to bring out their very best rental potential. One client reported back that our refurbishment work on his Victorian conversion in Cleveland Gardens was just 21% of the cost of what he had been quoted by another agent.\u00a0 Sometimes updating flooring, appliances and providing fresh decoration can be enough to secure a good tenant at full market rental and this is where our experience really demonstrates value. We\u2019re also seeing many renewals, some with modest increases\u00a0as many landlords sticking with their current rental to keep tenants happy while the market corrects itself after the Referendum.<\/p>\n

\"nine-elms-point-exterior-50-wandsworth-road-london-sw8-2et-view-18-07-2016\"<\/a>
Nine Elms<\/figcaption><\/figure>\n

Demand remains extremely high at Fulham Reach<\/a> <\/strong>Hammersmith, with waiting lists of fully-referenced applicants who are ready to move in when a property becomes available. Two bedroom apartments, which are sought-after by professional sharers and young families, are seeing the highest demand. Unsurprisingly, apartments are achieving very close to asking rental. We are very keen to secure more stock here, particularly smaller properties.<\/p>\n

Our latest new branch<\/a>, at Nine Elms Point, has just opened and applicants are quickly discovering that this exciting area of regeneration south of the river has some extremely smart new homes and great amenities yet offers better value for money than homes in nearby central London. It\u2019s also the home to Battersea Power Station where a dramatic transformation is well under way.\u00a0Nine Elms Point<\/a> is another development that is fast becoming very popular with professionals, and because it is an easy commute to some of central London\u2019s most renowned universities, it is also a hit with students. The asking rental for a studio is \u00a3380 to \u00a3430 per week and for a one bedroom apartment \u00a3450 to \u00a3525 per week, depending on the apartment building and views. For a more in-depth view of the property scene in Nine Elms, view our recent blog<\/a>.<\/p>\n

\"49-octavia-house-receptiona-23-04-2015\"
Two bedroom apartment at Imperial Wharf<\/figcaption><\/figure>\n

Properties are letting very quickly at Imperial Wharf<\/strong> <\/a>in Fulham and, as ever, two bedroom apartments are in highest demand, appealing to executives working in central London and also the City. Our Fulham<\/a> branch did 13% more business in September proving how popular this destination continues to be. Apartments are also letting quickly at nearby Chelsea Creek<\/strong> <\/a>and we are receiving a lot of enquiries about apartments<\/a> in The Tower, the latest phase of properties to launch. Rents are a little higher here but being on-site, we can offer a range of options to suit most budgets here.<\/p>\n

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

Rental demand remains strong across our City, Canary Wharf, Wapping, Greenwich and Surrey Quays offices and we have good stocks to meet demand. The student market has been even busier than usual this year and budgets have been good. In the City<\/strong><\/a>, we have been busy letting one, two and three bedroom apartments to students, many of whom are due to start university in the next week or two. They like the security of an apartment building with a concierge and of course, one that is close to their university. \u00a0They usually pay close to asking rental, 6\u00a0or 12 months in advance and a higher deposit so are a good option for landlords.\u00a0 Our Wapping<\/strong><\/a> office is preparing for the launch of London Dock<\/a> later this year and, with the first phase due to launch in December, we expect demand to be high. Asking rentals are likely to be \u00a3495 per week for a studio, \u00a3595 per week for a one bedroom apartment and \u00a3700 per week for a two bedroom apartment.<\/p>\n

Canary Wharf<\/strong><\/a> is also popular with students as it is close to both Queen Mary University of London and the University of Greenwich. Again, rental demand here has been exceptionally good this year. With most students now settled, the rental market is once again focused on young professionals and we continue to see applicants, particularly from the tech sector, relocating to the UK from overseas, mainly from the US, Europe and Scandinavia. Rental demand is also high at Marine Wharf<\/strong><\/a> in Surrey Quays and again we have good stocks to meet this demand. The next phase, Mariner\u2019s Place, is due to launch later this year.<\/p>\n

Budgets amongst young professionals are a little lower than previously, prompting some applicants to consider areas that are further out but offer good value such as Greenwich<\/strong><\/a> and Woolwich.\u00a0 Both these areas are extremely popular as their more affordable rents are ideal for young professionals who wish to reduce costs if\u00a0they are saving for the deposit to buy their own home. With many new developments springing up here we have good stocks of property for applicants to choose from.<\/p>\n

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

Rental demand is strong in Highgate<\/strong><\/a> and we are very busy dealing with enquiries, both from UK and overseas applicants. Demand is particularly high for one and two bedroom apartments priced from \u00a3300 to \u00a3600 per week. Post-Brexit, we have found that some landlords who were previously planning to sell their property have decided to wait and put it on the rental market\u00a0instead. As a result, we have been receiving more instructions than usual at this time of year and have seen stock levels rising noticeably – these properties are letting well.\u00a0 If a property is well presented and accurately priced it will let quickly in the current market. Applicants\u2019 budgets are good but they often expect landlords to negotiate. Presentation is key to ensure a property lets quickly.<\/p>\n

In Hampstead<\/strong><\/a>, rental demand is similarly strong and the last few weeks have seen us very busy with families aiming to move into their new homes before the start of the September school term.\u00a0\u00a0 With most now settled, we are again seeing increasing demand from young professionals and couples looking for one and two bedroom apartments.<\/p>\n

\"exterior-goldhawk-house-1\"
Goldhawk House at Beaufort Park<\/figcaption><\/figure>\n

The phenomenal rental demand at Beaufort Park<\/a> in Colindale continues, with apartments letting extremely quickly.\u00a0 The student market has been very busy \u2013 many applicants are looking to share two bedroom apartments and they tend to have good budgets. The new Goldhawk<\/a> apartments are letting as soon as they become available. Similarly, with the Golding apartments being launched this month, we are seeing equally strong demand and we have a waiting list already. We\u2019re excited about other property developments coming into Colindale and are starting to get enquiries for TNQ and Hendon Waterside. If you have a property in this area, and are considering renting it out, please do get in touch as \u00a0there are not enough properties to meet demand currently.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The last few weeks of September saw our 16 London lettings branches do brisk business and we are still\u00a0flat out finding homes for many different types of applicants \u2013 from young professionals, new graduates and students to families relocating to London. Demand for rental accommodation across London remains buoyant and we continue to see professionals … <\/p>\n

Continue reading “The London Rental Market \u2013 October 2016”<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":8696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451,445],"tags":[291,79],"class_list":["post-8686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market","category-property-rental-market","tag-lettings","tag-london-rental-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/8686","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=8686"}],"version-history":[{"count":31,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/8686\/revisions"}],"predecessor-version":[{"id":23219,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/8686\/revisions\/23219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media\/8696"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media?parent=8686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/categories?post=8686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/tags?post=8686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}