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Autumn Lettings Market Update
16 September 2021
As we are all acutely aware, Covid has had an enormous impact on the market in Central London and at the peak of the pandemic we were seeing some rents being agreed between 20%-25% below the asking prices. With asset prices dropping and a surplus of stock, tenants were able to reduce their expenditure on rent by moving as landlords were desperate to have a smaller rental income rather than nothing at all.
Thankfully, the market has improved and hopefully will continue to do so. In the first quarter of 2021, the market experienced a huge demand for 1- and 2-bedroom properties and we immediately noticed rental values beginning to plateau and slowly increase as stock levels dropped.
In the second and third quarter of the year (until end of August 2021), we saw a decline in demand for smaller flats and the need for the family house and flat market (4+ bedrooms) with outside space becoming much more prevalent. However, September 2021 has seen a surge in demand for all properties across the market with huge demand for both 2-3 bedroom flats and the house market as well. With stock levels being diminished this, in turn, has created a more competitive 'Landlord's' market resulting in a remarkable strengthening of prices as Tenants compete for properties across the board.
However, we are not at pre-pandemic levels just yet so, we must be mindful of just how volatile and fickle the market is in these times. Adaptation is key and a proactive instead of a reactive approach is absolutely vital to stay ahead of the curve. Being able to move quickly and decisively allows a landlord to achieve the best possible price for their asset whilst minimising the void period.
For any more information please do call us on 0207 589 3353 or email Clem Byron Evans
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