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Lettings Update – February 2021

10.02.2021

This year has been tumultuous for everyone and everything, and the Central London Lettings Market is no different!

It has been reported that 700,000 people have left London since the pandemic started, and this has been one of the key drivers behind the changes we have seen. With London being such an international city, working from home has meant people have returned to their own countries, or their own part of the UK, in huge numbers. With many of these people being renters, this has meant a huge number of properties have come onto the market. When this is combined with the drastic reduction for short term accommodation demand, meaning large numbers of those properties are also being marketed for long term lets, it is clear that tenant demand has not matched this quick increase in supply. Landlords have, therefore, had to be more competitive with their prices, which in turn has meant the tenants who remained in the capital have spotted an opportunity to increase the standard of property they are living in or reduced their overall costs. This has meant the market has been very busy between lockdown periods, albeit with headline rents down on previous years.  
 
Thanks to our highly skilled team, fantastic marketing, and landlord feedback we have been able to fight through the pandemic, aiming to keep our landlords in tune with the market and getting our properties let for good prices with minimal void periods despite the upheaval, which is key in times like this.
 
Should you need help with your property, please contact me by email: [email protected]