The bounce back in the prime London lettings market gathered pace this Autumn.
The bounce back in the prime London lettings market gathered pace this Autumn, driven by people continuing to return to the office and an increase in the number of international corporate tenants relocating to the capital along with overseas students returning to London as many travel restrictions have been lifted. This has all contributed to a rise in rents, up by an average of 10%.
The number of market valuation appraisals fell 23% between January and September. A result of many Landlords’ capitalising on a bullish sales market during the stamp duty holiday and the return of Landlords opting to short-let rather than long-let as COVID rules were relaxed. Figures show that there are 68% fewer properties available now compared to the same time last year.
Rental properties are in such short supply that many prospective tenants have had no choice but to stay in hotels or short-term accommodation whilst they look for the right property meaning many 1/2-bedroom properties are being let within 24hrs of being brought to market.
It isn’t just the smaller properties that are in short supply, 3, 4 & 5 bedroom apartments and houses at the higher end of the market are also extremely sort after with very demand out-stripping supply. We currently have several Embassies looking for Diplomats with excellent budgets struggling to find any suitable options.
With such high demand we are actively looking for rental properties that are either currently available now or will be available in the coming months. For a free up-to-date valuation please call us on 020 759 66999.
In legislative news as of 1st October 2021 notice periods have returned to what they were pre-pandemic reducing from 4 months to 2 months.
This means landlords will be able to serve notice on their tenants to vacate via either Section 21 or Section 8 notice:
• Section 21 Notice – 2 months’ notice (not to be served within the first 4 months of occupation)
• Section 8 Notice (Ground 7a: Anti-social behaviour) – 1 month notice (fixed-term tenancy) or 4 weeks’ notice (periodic tenancy)
• Section 8 Notice (Ground 7b: No right to rent) – 2 weeks’ notice
• Section 8 Notice (Ground 8: Serious rent arrears) – 2 weeks’ notice
If you require any further information or advice please do call, we pride ourselves on keeping up to date with all the latest changes in legislation to ensure we provide the best service to our clients.