The impact of COVID on London’s residential lettings market has been huge and is still being felt and for tenants, there have been some interesting opportunities.
The unaffordable now becomes the affordable
With the rental market falling, in some instances by up to 30%, Prime Central London properties have become more affordable and tenants have found themselves in a position to move to areas that were once outside their consideration.
This beautiful Bloomsbury property has recently been let at £650/week having previously been valued at £900/week. The lack of competition from students and international tenants has meant a lack of applicants versus an excess of stock, which in turn has driven prices down.
Smart tenants are acting now and negotiating good deals
This fall in prices will not last, as London begins to unlock and both students and the international tenants and those who temporarily left London to save rent while the COVID storm has raged, will return to London. Tenants should be getting ahead of the curve and planning their moves before prices start rising again.
Now is the time to think about our rental priorities post-pandemic:
- Outside space
- Proper home working environment
- Excellent broadband
- Closer to parks and outside space
- Closer to local shops, cafes and bars
- Shorter commutes – a better work-life balance
Smart landlords are looking after their tenants
Landlords are having to respond by reviewing rents carefully and ensuring they look after their tenants to keep them in place. Properties have to be well maintained and landlords need to be supportive of tenants at this difficult time. This unique market will not last long and things will return to normal sooner than we think, and as demand increases, this will cause rents to rise again.
London is a wonderfully diverse and vibrant city. As restrictions ease and our favourite restaurants, bars, cafes, theatres, museums and galleries open again and we return to a more normal life London will provide the perfect tonic to all that we have missed in recent months.Back to Blog