> Rental Market Comment Spring 2015 | Plaza Estates London
Rental Market Comment Spring 2015
By Fiona Guthrie
// Thu 23rd
At the time of writing we are basking in unseasonally hot sunshine
At the time of writing we are basking in unseasonally hot sunshine. London is at its best with the blossom out and the communal gardens bursting with green shoots and colour. Without doubt London is the place to be right now, however, the imminent election has put the market slightly on ‘hold’. The political uncertainty has caused many people to wait and see whether there will be dramatic tax changes affecting property, income and corporations. Usually at this time of year we see a marked increase in enquiries from overseas with new staff being relocated to their London offices and many of them preferring to rent. It would seem that this year we have to wait a little longer.
Rent levels have not dropped as the shortage of stock available on the market has kept rents up. We have experienced some flurries of activity in the last couple of months. In one such case 5 separate tenants all tried to out bid each other on a particular 2 bedroom flat. It was a meticulously refurbished and stylish flat that caught everyone’s eye. As we have so often said, the massive influx of new developments into the rental market has created a new ‘standard’ of interior and tenants have increased the level of their expectations. Newly refurbished, contemporary style properties are the ones much more in demand.
We have been carrying out a number of refurbishments for clients this Spring. In most cases these newly refurbished properties let instantly which is very rewarding. We are exceptionally experienced in advising clients on how to maximize the appeal of their property to tenants. We work with tenants day in, day out, so we should be! Our refurbishment department can handle the improvements for you or we can simply give you some ideas and advice. Please do ask.
Let us hope that the results of the election will be favourable and will bring back some economic stability. We can then look forward to a busy summer.