The pandemic has brought many changes to the London property market. Read on to find out the latest situation post-pandemic, and how Rickman Properties can help guide you to what you are looking for as London property prices shift.
Typical London Rent Prices Have Returned
According to the Letting Agent Today:
“The number of properties available to rent across prime London in September was down almost 68 per cent on the month last year and 38 percent lower than September 2019.”
This means ‘achieved rents’ are now back to their pre-lockdown peak, with values across prime London 0.4 per cent higher in September 2021 than during the previous peak in February 2020.
Deposits protected for London properties during Q3 2021 rose by 17 per cent compared with Q3 2020, suggesting a return in demand for city living and, potentially, rental growth. Thus, this surge in tenant demand is good news for private landlords in London but may be a greater challenge for those searching for a suitable property. At Rickman Properties, we have a range of rental and sales properties available in the Royal Borough of Kensington & Chelsea. Visit our properties page to see what we have on offer!
Discover Why Landlords Should Hire a Property Manager
Fewer London Property Rentals Available
In recent months we’ve witnessed waves of tenant demand return to the capital as social and workplace restrictions have eased. However, while this demand is starting to snowball, the level of available London property rentals remains notably lower than it was a year ago.
Letting Agent explains “as a result, the cost of renting has climbed quite considerably in many boroughs, with tenants now paying hundreds of pounds more a month”.
Searching for a London property to rent? At Rickman Properties, we provide a complete property service with professional, fully trained, proactive, and efficient staff. Please feel free to contact us for instant updates on new properties available.
A Race for Space
The National Home Building Council (NHBC) suggests the popularity of detached properties has soared during the pandemic. This prompts the question as to whether more landlords should desert the traditional apartment and buy into larger units.
Price increases have been driven across the board by the city’s larger homes with gardens. The most prominent in London’s upmarket is Notting Hill, where prices jumped 4.6 per cent in the third quarter. (Mansion Global, 2021)
Letting Agent Today says “tenants are still prioritising more living space and are willing to pay for it. They are also staying in detached homes for longer and this, combined with lower availability of these properties, is driving up rents”.
Steve Wood, Chief Executive of the NHBC, says “Housebuilders are responding swiftly to shifts in consumer demand for detached houses that offer more space. The move away from apartment blocks is affecting London but this is only one quarter’s data.”
Looking for a spacious London property to call home? What better way than with the help of Rickman Properties Limited, an independent real estate agent, who understands the London property market, and who take full responsibility for helping you find the best property to fit your needs! Visit our website or view our available London properties today.
