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London renting: news update

Alex Johnson

cb80115bb60a74cf37081a36e8a74d19dd496061 300x199 London renting: news update‘Generation rent: the great debate’ is the subject for a live and interactive Web TV show on today at 3.30pm. It will be hosted by Property Editor Julian Knight  with a panel of experts including Sean Hooker from mydeposits, Robert Bolwell from Dutton Gregory Solicitors and Kevin Allen from The National Private Tenant’s Organisation. It will cover the changing needs of tenants, the tenant/landlord relationship, rogue landlords, and ‘accidental landlords’. Log in at www.letyourproperty.tv

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Latest figures from Chesterton Humberts show that tenant registrations were up 26.7% and agreed tenancies increased by 33.6% on the previous three months, suggesting that the Olympics had a far greater effect on residential lettings in prime central London than originally thought. Nick Barnes, Head of Chesterton Humberts’ Research, said: “The Olympic factor has also impacted on the market, although not in the way that was anticipated: instead of boosting demand it had the opposite effect and contributed to the increase in supply as more owners unsuccessfully marketed their properties.”

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Kinleigh Folkard & Hayward report signs of improvement to the lettings market. Across the group’s network of branches, rents have increased by an average of 5% compared with the same time last year. Balham and Tooting have both seen increases of 8%, while Belsize Park has seen a rise of 10%. Surrey Quays has seen rises of 13% followed closely by Blackheath with 12% and Streatham with 11%. Tenancy lengths are also on the rise – the average length of tenancy at KFH has increased from 14 to 15 months year on year.

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Asking prices in London’s most expensive rental postcode, SW3 (Brompton, Chelsea) have increased to an average of £44,634 this year according to new research from Hamptons International.  The figures show that renting a two bedroom property in Mayfair is on average £8,351 cheaper per year than renting the equivalent in Chelsea and that three of the most expensive rental postcodes in the Capital are in Prime postcodes in South West London. The cheapest annual rent can be found in Erith (£6,129 per year) South East London and Harrow postcodes feature three times in the 10 least expensive areas with an average annual rent of £8,786 per year.

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