The rental market in London is currently in a very healthy position as our last lettings blog discussed. Many areas across the Capital are performing well and a variety of previously less well regarded locations are surging in popularity as tenants increasingly look to get more for their money. Crouch End in North London has seen phenomenal growth over the last few months, recording a 25% rise in the number of tenants looking to live in N8 and reporting an equal rise in the number of properties let compared to the same time last year.
Damien Brown, Lettings Manager at our Crouch End branch, comments: “Crouch End sits in an enviable location. Bordered by both Highgate, Muswell Hill and Finsbury Park, it offers beautiful period homes, excellent schools, a charming Broadway providing a variety of independent shops, restaurants and cinema alongside big name supermarkets including Waitrose and M&S. Despite the obvious lack of a tube station the transport links via bus and over ground are excellent. Many of our tenants are young professionals and families who love all that this area offers and are looking to reside here long term and hopefully purchase in the next few years. It seems to me that Crouch End’s secret might slowly be slipping out the bag.”
South of the river in our South West London region, demand has also built over the summer months. Locations in zone 3 and beyond are seeing heightened interest with our Kingston branch reporting a 40% rise in the number of properties let compared to 2013. Across our South West London branches, the number of new registered tenants rose 17% compared with the same period a year ago, with the number of properties let rising by 21%.
Strong levels of demand have however also been combined with a shortage of stock. The strong sales market earlier in the year saw some landlords take advantage and sell properties that would ordinarily have been re-let. In South East London, levels of stock are 37% lower than a year previously, however properties available are finding tenants very quickly. London Bridge, buoyed by the recent redevelopment of the area and offering a range of trendy bars and restaurants and access to Borough Market has seen a 42% annual rise in the number of properties let.
Kira Sapiets, Lettings Manager at our London Bridge branch, comments: “London Bridge is an incredibly varied and popular area to live with both buyers and tenants alike appreciating it for its diverse property stock, good transport links and historical character. There has also been a huge increase in rental stock levels, brought about by higher investments in the area which in turn is attracting a higher number of renters. Investors in particular are viewing London Bridge as ideal for buy to let properties with many confident that they can get returns well above what they might receive for cash on deposit.”
For more information about renting or letting a property in London, visit our Lettings page here.