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Tenants: your property market update for Q1 2017

By Pip Raven

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We take a closer look at the recently released London Lettings Report for Q1 2017 to pick out the key details for tenants in London. Highlights include the beginning of a decline in stock levels, an increase in interest in Zones 3-6 and how a flat on the ground floor can save you rent money.

The third instalment of Foxtons quarterly reports on the capital’s rental market is now available. Read the full report here.

Stock levels are starting to decrease

At the end of Q4 for 2016, we reported that there was an increase in the number of properties to rent. While the available level of stock is still high, we have seen a decline at the beginning of 2017.

The number of new renters per new property instructed is 6.4, which is still lower than Q1 for 2016 which had 6.5. However, this is significantly higher than Q4 for 2016 which had only 5.3 new renters per property instructed.

What does this mean?

With the beginning of a decline in rental stock, it is important to have everything prepared so that when the right property comes along, you can make an offer straight away. This involves having the relevant paperwork at the ready and all your finances in order.

Tenants are looking in Zones 3-6

In our previous quarterly update on the lettings market regarding Q4 of 2016, we reported that Zone 2 was proving more popular for tenants – but now the focus has started to shift to Zones 3-6.

The percentage of people registering interest in Zone 2 is still the strongest at 41.3%, but this is actually a 2.7% decrease compared to the previous quarter. In contrast, people registering interest in Zones 3-6 has risen by 2.4% from the end of 2016 to reach 35.3%.

What does this mean?

More people are looking to move further out of central London. If you would like to follow suit and look to get more for your money at the sacrifice of your travel time, then make sure to factor the cost of your commute into your monthly outgoings.

Ground floor flats have the cheapest rent

Raised ground floor flats and lower ground floor flats have the highest price tag per square foot, while ground floor flats come in at a whole 8.5% less than the average rent per square foot for flats this quarter.

What does this mean?

A savvy renter might be wise to narrow their search for a ground floor apartment to try and get a better rental price than other flats in the building. If you like a particular area but aren’t a fan of the price, then try asking your estate agent about any nearby ground floor flats they might have available to rent.

Read the full London Lettings Report for Q1 2017.

Discover more…

Looking to rent cheaply in London? Take a look at our article 12 two-bedroom flats to rent for under £350 per week.

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