"The number of new rental properties placed on the market across prime London rose by 35% compared to the same period last year. As a result, landlords are reducing asking rents to prevent void periods and tenants are becoming more selective. Properties where the asking rent is perceived as too high are struggling to get viewings. The referendum result has reinforced this dynamic and landlords are increasingly taking a pragmatic approach to asking rents against the background of wider Brexit uncertainty and rising stock levels. It also means landlords need to show greater flexibility around break clauses, works to the property, levels of furnishing and payment arrangements. The number of new registrations of prospective tenants rose 10.1% in the three months to the end of July 2016 versus 2015, the number of new tenancies agreed rose by 19.9% and viewings increased by 20.3%. Relocation budgets in many cases have risen due to the effects of a weaker Sterling, which means more tenants are looking in higher value areas and at higher-value properties compared to last year. The number of new prospective tenants registering with a budget of £1,500-plus per week increased 5.7% in the three months to July compared to 2015. We would advise landlords to market their property at a competitive price and that the property is well presented to applicants.”
Elizabeth Holder, Lettings Manager
Notting Hill is located in West London, in the Royal Borough of Kensington and Chelsea and offers a perfect balance of the tranquillity of a residential leafy area and the buzz of the city, with excellent bars, shops, cafes and restaurants on the door step. Our properties range from modern one bedroom apartments, to magnificent six bedroom villas with access to communal gardens.
Notting Hill benefits from excellent transport links by London underground with the Central, District, Circle and Hammersmith and City lines, buses that go to the West End, the City, Victoria and Westfield Shopping Centre, Paddington Station for the Heathrow Express and rail links out of London. It also has major access to all the main trunk roads out of London especially the M40 and the M4.
Please do contact us for an informal discussion, and to see how we can help you.