Notting Hill Lettings Insight
Date : 08 September 2010
Sophie Woolfenden, Head of Knight Frank Notting Hill Lettings gives us the
low down on the local housing market, the potential impacts of recent
developments, as well as a few handy hints and tips along the way.
Rents have been gradually increasing, will the trend continue for the rest of the year?
Rent levels have hardened and the Notting Hill lettings market is hotting up. We are busy and achieving anything from 10% below asking prices to 4% above. Reassuringly, the summer months have been the busiest this year so far.
What do you think a coalition Government means for the housing market in Notting Hill?
Obviously it’s not the ideal solution for most people, but now that a coalition has been formed the stability brought with it should reassure markets, including the housing market. London continues to be the top destination for global business and the continued strength of international demand reflects this.
Have you seen more market activity in Notting Hill since the General Election?
We have seen growing demand for a while now, only the lack of quality stock is holding back the Notting Hill lettings market at present. Hopefully the more stable political landscape will see more Landlords coming forward. Now is certainly an advisable time to do so, corporate demand is on the up and the summer is always a busy time for the lettings market.
Have tastes changed noticeably since or because of the recent recession?
Tenants appear to be expecting a higher standard than before for less money!
What question do tenants always ask?
Prospective tenants can, and do, ask almost anything! That is why it is so important for Landlords to be as flexible as possible with regards to terms, break clauses and furnishings. If you are prepared for at least some of these questions they seem a lot easier to deal with. The usual questions tend to be
one or all of the following: Is this a safe neighbourhood? Is the price negotiable? How many minutes to the tube?
Aside from letting houses in Notting Hill, what else do Knight Frank like to do?
Walk my four legged friend in Hyde Park, bargain hunt on Portobello Road, watch the latest films in style at the Electric with a glass of wine, make honey and DJ!
In summary, how is the Notting Hill lettings market at the moment?
Very busy with tenants competing for properties. It is back to a Landlord’s market.