Advice for Central London Landlords "Make Hay While The Sun Shines"..
At Greater London Properties we have always offered transparent and honest advice on the Central London Rental Market and since the pandemic, the news hasn't been positive. However, the change in the last month has been astonishing and our advice to our Landlords is take full advantage of this new London property market..
Rob Hill, Director of Greater London Properties " The residential rental market in Central London has been disastrous during the pandemic with the loss of so many applicants who would usually flock to the capital for various reasons. Cities across England were hit hard during Covid19 but none as much as London, whose reliance on business travel, international students and overseas investment is overwhelming.
As much as we knew this market would return and prices would eventually increase, the speed of recovery has been simply astonishing. From having a record number of properties to rent, we now have to conduct final bids for most the properties in our areas due to the demand and the lack of supply - how quickly the market has shifted!
Specifically properties closer to universities are going for much higher rents for instance this week a 2 bedroom, 2 bathroom in Bloomsbury came on and within minutes we took it off the market with four above asking price offers. In my experience in this market, all I can advise to anyone thinking of letting their property is make hay while the sun shines - take advantage of this incredible lucrative market.
For all our existing landlords - I would advise a re-valuation of your property. A one bedroom apartment last year which went for £510pw has just rented a year later for £600pw - a price difference of almost 20%.
As always with the rental market, as we come into the winter months naturally the demand drops meaning prices will level off. For any advice on your property in Central London for Sales or Rent, please give our Greater London Properties team a call and we can answer any questions.
If you would like a Sales or Rental Valuation on your property, call us on 0207 113 1066, email us or check our website here.
Warm Regards
Kate Hill, Director
Greater London Properties