If you are looking for a property to rent in London, then this is the right time to go for it. Rents in Central London have fallen by 3.6% while the inventory increased in July, according to a recent market report from property consultancy firm Knight Frank.
One of the main factors responsible for the drop in rent in Central London is that more and more landlords are deciding to rent their properties instead of selling them. This has resulted in an increase in the inventory.
The Knight Frank report revealed that the number of prime properties available for rent in Central London increased by 49% during the second quarter of 2016 when compared to the corresponding period last year. This is supposed to be the largest increase in rental property in the last six years for Central London.
In a few areas, such as Marylebone (8.2%) followed by Chelsea (7.6%), rents have fallen sharply, giving tenants the upper hand to bargain for better rents. The fall in rent value has also benefited existing tenants in Central London. The Knight Frank report says, “Rental values have fallen by an average of 4.3% this year through June, leaving existing tenants in strong bargaining positions.” It means that properties, which commanded higher rents earlier, can be bargained for a lower rent value now.
Some of the landlords, who initially planned to sell their properties, have decided to rent them. Such properties constitute 5% of the rentals in the market for this year. It also means that the landlords are expecting long-term rental returns instead of making capital gains by selling their properties. In such a scenario, the role of a professional estate agent assumes significance.
As an agency that focuses solely on London, we know the market incredibly well and provide thorough and highly accurate research to our clients. Hence, if you are keen on arranging viewings to apartments to rent in London, contact us.