The London rental property market continues to flourish with the traditional summer market heating up nicely. Since the turn of the year we have seen a growing demand from prospective tenants registering in all of our London offices covering the City fringe and the surrounding areas including; West End WC1, Bankside SE1, Clerkenwell EC1, Shoreditch EC2, Islington N1 and Hackney E8.
Stock levels have remained high throughout the year thanks to a regular supply of new build apartments being brought to the market by UK & foreign investors over the past 18 months. This has created a competitive market place for landlords, so whilst tenant demand is high we are experiencing a shift in expectations and an impact on rental prices being achieved as a result.
The current market has started to segment into different categories, meaning an accurate valuation is imperative in order to secure a tenant within the peak ‘2 week window’ and achieve the optimum rental value.
Gone are the days where tired properties continued to achieve a premium year on year and properties that are starting to show signs of wear and tear are struggling to rent and to match prices once previously achieved.
Newly built apartments furnished to a ‘show flat’ standard offering a host of amenities remain popular with overseas tenants looking for a ‘turnkey’ property, and high end developments offering luxuries such as 24 hour concierge, gym and swimming pool are continuing to achieve a premium.
Period conversions and loft apartments remain desirable due to their scarcity within the City Fringe market, however expect to achieve a slight drop in rent if your apartment isn’t being offered in A1 condition.
As we continue to push boundaries and lead the way within the City Fringe lettings market, offering the most accurate and up to date advice in the areas in which we work.