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Properties Articles

Prime Central London Sees Rental Boom

Published: 09/09/2021 By Mathilda Boyle

Unsurprisingly, the Prime Central London property market struggled during COVID as the city shut down and offices closed. Without the need to be close to your workplace and Londons renowned hospitality industry, residents vacated to somewhere providing more space and greenery. 

As the city comes back to life, so does the property market. With a recent surge in demand, the rental market has been seen to take off as Londoners return to the hustle and bustle. 

Rental prices have seen a dramatic increase, returning to their heights pre-covid. Not only this but the lack in supply is benefitting landlords; allowing them to choose their tenants more wisely rather than accepting anyone willing to rent. Void periods are no more, as tenants are replaced almost instantaneously. 

This healthy competition has attracted that of investors as they sense better rental yields. We have seen an increase in buy-to-let purchases as vendors see a substantial return alongside expected capital growth. 

It is believed that this rental growth will be consistent over the next 24 months at the very least, allowing London’s landlords to rest easy knowing their assets will be profitable. 

There has been a particular demand for small accommodation, alike to 1 or 2 bedroom apartments. This is due to the arrival of international students & professionals and Pied à Terre demand returning. 

At the premium end of the market, there has been a real struggle to supply luxury stock; with a fall in availability for properties asking in excess of £20,000 per week as they are snapped up by tenants.

We have also witnessed renters requesting longer contracts in a bid to retain the low covid rent prices that were present at the time. This in itself has reduced available stock as tenants are staying put for longer, not allowing the property to return to market.