Rental demand across different areas in London

There are different patterns and circumstances in the leasing activities in various areas of London, including leasing supply and demand. The most popular rental locations in London will be introduced below:

The City and East London

Rental properties across the City and East London are being rented at high speed, we generally receive an offer with just one or two viewings. Online viewings also remain crucial and typically we receive over 10 enquiries on one property, and expect to receive one or two serious offers where the prospect is ready to commit. There’s a little further movement in the East London rental market and tenants can browse around a little further than was possible earlier in the year, as some tenants are now vacating their properties, to move on and purchase their first home, or as new developments launch after several times of delay in completions.

So the rental market in East London is stabilising and although renewal situations are still high, there’s further choice for applicants, although they still need to make an offer swiftly to secure their chosen property. Rents are high, generally 5 – 7% above pre-pandemic levels, but in some cases up to 15% higher.

Developments that are offering high specifications and good value for money are at the top of numerous list for investors. Apartments at developments similar to New Market Place in East Ham have generated large interest and are rented out as soon as they become available. Whilst at a slight premium price point but still offering excellent value, Merino Wharf at London Dock and London Square Greenwich are also high in demand by working professionals.

The Crossrail effect is also transubstantiating rental demand in areas close to Elizabeth Line stations. We simply can’t get enough stock in schemes similar as Royal Arsenal Riverside, a largely popular development with its own Crossrail station just within minutes’ walk away. Professionals from tech, finance and legal sectors have been quick to snatch up rental properties there and nearby. With Crossrail in place, making access to the City and Central London more efficient and less time consuming.

West London sever shortage of rental stock

Our West London lettings branches are short of available units and have a waitlist of applicants ready to offer. Properties are being let instantly, with zero to very minimal void periods between tenants. In most developments, we now have to conduct block viewings to satisfy the large number of prospective tenants looking to see the property in person, and in most cases we convert at least one to two offers on the spot, with the deal being agreed by the landlord within an hour.

There’s a dramatic expansion in demand from overseas students looking for homes in developments like Fulham Reach and Sovereign Court, both positioned in Hammersmith where top class universities are close-by or with easy access to their campuses. These students are now looking for a home ahead for September where their universities begins the term. We will have more new properties becoming available in these developments or similar over the coming weeks, allowing them more options to choose from.

New development, The Green Quarter located in Southall is in high demand, as the station is just minutes away from the Crossrail station. Furthermore, we’ve been handling new instructions at Hayes Village (Hayes) and Western Circus (Acton) – again areas that benefits from Crossrail are currently seeking high demand. Whilst over at White City Living and Television Centre in Shepherd’s Bush, the locals have direct access to the underground stations and all shopping just next door at Westfield. These unique points have attracted high demand in this area, as such availabilities are very limited.

Central London and Nine Elms

Rental demand remains strong and positive in Nine Elms and our lettings branch currently have no availabilities to rent – there’s clearly not enough supply to satisfy the demand, and we currently have a long waiting list of fully referenced tenants ready to offer as soon as something becomes available. Even though there are new apartments completing or just completed, but majority of time they are let before completion. We have been agreeing deals following move in date in September.

Many demand now is from wealthy overseas students who are seeking for a London home for their coming academic year starting in September. Typically they will rent and pay for a property in advance to ensure their chosen home is secured, rather than risk losing it to other prospects. Many of them have been advised by piers that it is extremely difficult to find a rental property in London, as a result majority of times they are happy to make an offer base on a video viewing accompanied by our agents. This trend became more popular when Covid-19 was at its peak, and this trend seems it’s one to stay. Looking back it’s a more convenient way to decide if the property was right or not. We’ll show an apartment over FaceTime or WhatsApp video call and usually deems sufficient for the applicant to make a decision.

Apartments at DAMAC Tower and Battersea Power Station are now completing and these are being let instantly.

North / North West London

We are chronically short of available units in Hampstead, Highgate and Dartmouth Park, with properties being let instantly. Rents are currently about 10% higher than it was pre-pandemic. Demand remains high for larger family households as families are now looking to settle before the start of the coming academic year in September. When a family home becomes live on our website, we typically receive 10+ enquiries within the first hour or so. If the property is well presented, the first applicant tends to make an offer straight away at full asking rent.

Demand at Beaufort Park located in Colindale remains high as usual, available units there are very limited. Finlay House – the latest building to complete – has already received enormous interest, there are several occasions where the property is let agreed before it completes.

Highbury Stadium Square N5 and Hale Village and Anthology Hale Works, both located in Tottenham N17, they generate large interest amongst other new developers in North London. Whilst No.10 Watkin Road in Wembley is part of a large regeneration scheme on the fringes of North West London, this development too is one of the top picks from renters who are planning to move into this area.

Ask us for a free market appraisal of your rented property

With such high demand in rental properties across London, we urgently need more stocks to satisfy the growing crowd of renters. If you have a property, or a property due to complete soon, or a vacant property in London – Get in touch with our local Benham & Reeves branch for a free up-to-date market appraisal. We also have several international offices that supports their local area’s landlords, making your property more manageable and less time consuming because of the time differences for communications. If you haven’t had your rental investment property valued for some time, now please get in touch with us for an accurate appraisal or valuation of what we can offer.