The Tooting rentals market has seen a huge shift in desirability over the past year and our branch is currently realising record rental values achieved on properties in the area. Rental values in SW17 have risen by 9% in the past two years to now average £1,533 per month.
The busy sales market in the early half of 2014 saw many of our Landlords cash in, especially on family houses which had seen a phenomenal rise in value. As a result, stock across all property sizes was greatly reduced and in the rental market competition for the limited stock available started to hot up. Towards the end of the year, anything coming on to the market was achieving over and above asking price and best and final bids were commonplace. Properties were letting as quickly as our branch could take them on. As a result, my branch has seen a 10% increase in the number of properties being let in the past 2 years.
Interestingly, we've begun to see tenants coming to Tooting from previously more desirable areas such as Battersea and Clapham which would have been unheard of before. Many have come to see how the area has changed though and a variety of trendy bars and restaurants (Soho’s Chicken Shop, Honest Burger etc), quality properties and the fact that they can get a seat on the Northern Line in the morning are key drivers. New developments are also helping the area’s desirability and schemes such as The Broadway and Fusion are providing the modern new build properties near to good transport links that offer many young professional tenants the low maintenance lifestyle they are looking for.
In the last few weeks, we’ve begun to see more stock coming available which is good news for tenants but competition is still high. We recently let a 2 bedroom flat on Garratt Lane for a record price for the area after just one day of marketing. In another example, a landlord who recently let his 3 bedroom investment property achieved £200 above asking price.
For further information about Tooting or to speak to the branch, please visit our branch page: