It's not unusual for the lettings market to be at peak activity during August as a vast number of tenants look to secure new lodgings for the beginning of September.
The market is often exceptionally busy at this time due to the additional number of people coming into the market, many of whom are graduates coming to London to start their first jobs, international students beginning their new academic year and firms relocating staff to commence in September. However, the supply and demand issues across London are increasing the pressure further and as a result we are seeing more and more tenants offering above asking price and for longer tenancies in order to secure the right properties.
The property above is a classic example. It was let to a family looking to remain near Northcote Road in the Battersea area while renovations to their house were being completed. The family was delighted to secure this three bedroom property as they had been looking for something in this particular area so their lives were not majorly disrupted. With reliable tenants in place, the landlord was extremely pleased with the let. This property was a very unique find for the area, accommodating the quality the family was looking for, the short term let they desired, all within their price range.
The apartment above, in Point Pleasant, is a prime example of the types of houses on the market in the Wandsworth area at the moment. The successful tenant snapped this property up within two days of the initial viewing. The corporate landlord, who has bought four other properties on Point Pleasant and rented them out to new employees, is keen to make Point Pleasant a community for their workers arriving from overseas. The landlord has also taken the option of having his property managed by Foxtons, which is often first choice for corporate tenants.
We've found that this area is greatly sought-after and properties are being let or sold extremely fast at the moment, which, in this case, suited the landlord and tenant perfectly as they both were looking to complete as quickly as possible.
Above we have a further example of rental properties being in great demand. Also reaching over 10% above asking price, the landlord of this property was particularly delighted about the rental as the property had been unsuccessfully on the market with another agent. Key features which attracted the tenant were a stunning 600 sq ft roof terrace, a clean, modern interior and the highly desirable address of Onslow Gardens in South Kensington. The successful tenant was a prestigious overseas professional looking to make this exceptional apartment his home whilst in the UK on business. With properties in this area being hard to secure, not only was the landlord happy with the deal but equally the tenant was delighted to have secured the property of his choice as they tend to be rented quickly in this area.
So, if you are looking to rent in London our advice is to act fast when you find the property that suits your needs. You also need to be prepared to offer above asking price to secure the property. Equally, the growing gap between supply and demand is only going to increase in the years to come so to avoid the same issues again next year it would be wise to consider a longer tenancy.
Looking to let your property? Please contact one of our local experts to discuss your specific needs.
