October Market Comment
Thinking about the market over the last month several things have come quite starkly into the forefront. The first one is the importance of getting the price correct for the property you are hoping to rent. Tenants are very selective and with the background of Covid everyone expects to get a deal and people are negotiating aggressively. This makes selecting an agent who is willing to fight your corner and defend your price even more important. Getting the price right in the first place is the most important issue here, many tenants will not even consider a property they feel is unrealistic as there is plenty of property to choose from.
One of our key observations is how varied Covid’s impact has been on different locations, property types and price brackets within London. There have been some clear winners and losers and the divergence of these is a stark reminder of London being a tapestry of different areas and demographics, which are driven by different factors. Family homes are doing very well in this market with many families looking for more space to allow a little more breathing room to endure another lockdown if this comes. Many families are looking to purchase near good schools and want to try before they buy with a little uncertainly in the economy coming out of Covid and maybe into Brexit.
Some of the area that have been doing very well over the previous months are Notting Hill, St Johns Wood and Hampstead, all noted for their famous outside spaces and green areas. Competition in these areas has been fierce for the cream of the crop properties, this just goes to show that keeping your rental stock in top condition is extremely important when trying to get top rent or getting the property rented quickly in a tricky market.
Flexible working and working from home continue to be a hot talking point for many people, outside space and home offices are still the hot must have requirement. Rooftops, balconies and anywhere to grow a tomato plant have seen huge click through rates on Rightmove and Zoopla.