There are indications that the London rental market is feeling a new sense of optimism thanks to the success of the vaccination programme, the relaxation of restrictions and the opening up of the economy.
Despite Brexit and the ongoing issues, prime property in London continues to be a popular choice for overseas investors happy to take advantage of the weak pound. Not only that but many overseas professionals are keen to return to London and there has already been a rise in rental demand from Japanese corporate tenants. Sales to Hong Kongers has also risen by 44% since the introduction of the new immigration route earlier this year according to London agency Benham and Reeves.
Interestingly it’s the one-bedroom market which has yet to bounce back but I am confident that it will do so in time. I think many ‘one bedders’ took the chance to move out of central London as working at home became the norm and returning will be a gradual process in line with the gearing up of working back in the office.
There’s also no hiding the fact that there is a greater choice of properties on the market so anyone looking to rent has the pick of the crop. Our message to our landlords is that your property needs to be in absolutely tip top condition if it’s going to stand out from the crowd.