Wapping Lettings Insight
Date : 07 May 2010
As a new year begins, we speak to Gary Hall, Head of Knight Frank Wapping Lettings and discuss the local lettings market and what 2010 might hold.
What is your outlook for the Wapping lettings market?
After a quiet end to 2009, 2010 looks positive with the number of applicants
searching for property on the up and rents returning to the levels we saw at the end of 2008. The return of the “accidental Landlords” to the sales sector has contributed to the lower stock levels over recent months and has helped to stabilise and increase rents.
Which areas in the Wapping lettings market performed particularly well over recent months?
As always, the core market (£250 to £500 per week) has been very busy with 83% of the properties let over the past quarter being in this bracket.
There is still a demand for the top quality riverside property in the middle to
higher end of the market but we have seen fewer apartments come to the market recently.
What impact will the forthcoming election have on your market?
Historically, the market has slowed in the immediate lead up to an election, and this may well happen again this year. However, there is always a transient demand in the prime areas of London and I do not see there being any prolonged market alteration as a result of an election being called.
What factors cause you most concern for the 2010 market?
I am pretty confident this year will go well. If we can survive a year like 2009 and come out of it heading in the right direction it must be a positive sign.
How important is the role of the Internet in renting a house in Wapping?
The majority of enquires we receive come directly from the Knight Frank Global web site - we receive enquires from all around the world on a regular basis. We use the local property magazines to showcase our apartments but for an extensive list and further details our website is the best way of searching for a property.
What advice do you have for landlords looking to secure a let at the moment?
The correct pricing and presentation of the property is crucial to generate immediate interest, thus lessening the possibility of a void period and potentially increasing competition.