> Rental Market Comment Winter 2016/17 | Plaza Estates London
Rental Market Comment Winter 2016/17
By Fiona Guthrie
// Tue 24th
The supply of available rental property in Central London has decreased
The rental market typically quietens down as winter draws in and this was the case at the end of 2016. We experienced a small flurry of tenants wanting to move home before Christmas at different sectors of the market (larger properties and small) and a good number of properties were let before the year ended. Interestingly, enquiry levels from Relocation Agents seem to have picked up in January and we have so far noticed a slight upturn generally in demand.
The supply of available rental property in Central London has decreased now and this will help to strengthen rent levels which had softened in 2016 due to over supply. Brexit fever seems to have calmed down a little and there are people renting in the short to medium term while they wait for the political and more importantly the trade agreements to be made between the EU and Britain. There is now positive talk of increased trade between the UK and other parts of the world (such as the US and Australia/New Zealand). Whilst there will inevitably be a movement of some Finance staff from the City, who will need to be based within the EU, we are advised there will be other EU companies who will now need to have UK offices in order to maximize business with our trading partners. Renting, as always, will be a good option during this time of change.
The properties in demand are of all shapes and sizes but must be well presented, freshly decorated and recently refurbished. Older style properties are not letting. Tenants still have a choice so Landlords do need ensure their property is immaculate and stands out. We can offer advice to Landlords on presentation tips, decoration tips or oversee a full refurbishment.