Felicity J Lord comments
- Rents in London increased by 2.1% in December 2019 versus in the same month of 2018; the average rent in the capital now stands at £1,630 a month
- HomeLet's December Rental Index reveals that rents rose from last year in all 14 of the 21 London Boroughs
- In December, average rental values in London (£1,630) were 71% higher than the UK (£953)
Anthony Szabo, Area Director commented:
Beit the 'Boris bounce' or simply as a result of clarity being provided to the country, when it comes to the property market, 2020 has kicked off at pace!
Reports across the country both anecdotally and from nationally recognised bodies such as Rightmove, Zoopla and Hometrack have reported significant uplifts in activity on new instructions and transactions coming into this new decade. Additionally, and as investment increases, reports of significant uplifts in interest in both historic and new property 'hot spots' are being reported nationwide. This bodes well, not just for the property market but for the economy as a whole as so much is intrinsically linked to our behavior when it comes to our homes. Buying or letting a new home, furnishing it, undertaking improvement works, landscaping, window cleaning ... the list goes on, all of which boosts the nationwide economy.
At the coal face, this has translated in to clients being far more willing to 'see what their property is worth' than has been the case over the last 2-4 years and is acting as just one of the catalysts to renewed interest and activity in the market. Dare I say it so early… confidence in and within the sector is on the up!
With regards to lettings activity in London I can only 'speak as I find'. At the time of writing (just entering week 3 of January), Felicity J. Lord Lettings has delivered the best set of results at a start to any year in its 20-year history. Both new instructions and transaction numbers are at record levels and we are already starting to see rents increase as a result of significant tenant activity. The change in tenant behavior that became prevalent in 2019 has continued unabated with tenants continuing to plan farther ahead and more long term than ever before. As a business we already have dozens of tenancies agreed and scheduled for occupation in February, March and even April.
In conclusion, my message is clear. Whatever your interest in the market currently; prospective Vendor, Landlord, Tenant, Purchaser... perhaps you are seeking mortgage or re-mortgage advice ... perhaps you are a developer considering an opportunity ... DO NOT PROCRASTINATE. The market is moving at pace and, in classic 1990's Estate Agency parlance 'Act now to avoid disappointment'.