London Rental Market Analysis for May 2015
Since we are moving towards the most demanding season, a substantial amount of enquiries for rental properties in London that are are being received on a daily basis. For the most part, demand is coming from the professionals who are single and young. Apart from that, demands of affluent worldwide students shifting to university in London in the month of September are also being received in thick and fast. As tenants from overseas are preferably inclined towards tangential apartment livelihood, they aim to search out for parallel property to live in London on rent, consequently, newly developed properties are on the top of the list of numbers of tenants.
Rental property demand condition in Central London
At the current point of time, single and young professionals are highly influenced by the rental properties in Kensington because they are usually searching for one or two bedrooms rental property which could cost no more than £500 for per week. Agencies dealing in rentals in London are receiving a lot of enquiries from the rich and wealthy international students to have the rental property in Kensington before the university terms start in the month of September. New developments with good amenities such as- swimming pool, gym and concierge are often in high demand. Over the traditional period conversions, these stylish, contemporary apartments generally rent for a premium. One bedroom apartment in a development of this kind might let for £650 per week while mansion flat with one bedroom space can fetch for approx 50 per week less.
Increasingly, when tenants view these rental properties, particularly in Central London, they expect for the showhome standards, so landlords must meet their lofty demands. If young students or professionals are ready to pay a higher rent than there should be high spec interior with fine quality furnishings, luxury bathrooms and a modern kitchen should be usual. Property with such furnishing may help landlords in making maximum rental. Following the list of demands, 375 Kensington High street is one of the most sought after developments and there is a higher demand among tenants for such wonderful apartments.
City, Canary Wharf, Docklands and East London
In the cities such as- Docklands and Canary Wharf, there is an exceptional demand for one bedroom rental apartments and there is also a waiting list for some developments. At the moment, there is a colossal buzz to the rental market, particularly from the giant tech companies such as Google and Facebook. That’s why, relocation market is also busy. But the mega-demand that we can see is coming from young and middle aged professionals choosing sharable apartments so they can get a well furnished apartment at an evenhanded cost. With this, they can find a good spacious two bed apartment at just £650 per week, while, renting out one bedroom to an individual would charge around £500 per week. So it makes a quite a good saving.
At the current time of the last year, there is approx 70% up around 10% – 15% level of renting renewals. With tenants don’t seem to leave unless they have purchased a property from their own or have moved to somewhere else, it’s given a lot of reasons for landlords to be happy and to expect for the continual income. Moreover, holding a durable tenant and renewing their tenancy also allow landlords to acquire more costs than by having a new tenant. Over the course of years, such cost savings can add up amazingly. A successful buy-to-let business is not just about increasing rents every year, but having a consistent tenant throughout the year. Long term tenants usually take more care of your property.
North/North West London 4 bed house to rent in Highgate Village, N6 £895 pw
Since Easter, demand for rental properties in Highgate has seen a bona fide expansion, but, with homes going on rent so easily and quickly, we are not having an immense scarcity of housing stock and this is the reason that we are vigorously looking for the new instructions, mostly bigger properties. Many tenants renewing their tenancies and their renewal rates have reached at around 70%. Families are quite aware of this facts and seeing that, they generally prefer to stay for long term, once they managed to find out their preferred home.
With so many schools in Highgate are ready for the start of the school term in September, it’s the busiest time of the year for larger properties, especially when families are so for home in Highgate, which are close to good schools such as Coleridge Primary School, Channing School, and Fortismere school. There are a lot of inquiries coming from the French families about the homes, which are quite near to Lycee Francais. With young professionals are eager to find a home in new development, there are high end of enquiries from one and two bed apartments. Demands for new apartments in the city are high and tenants are happy to pay a premium for a high spec and good amenities. By and large young tenants are having a good budget, though the market continues to be price sensitive and applicants anticipate finding great worth for money.
