British Summertime is here but within the prime central lettings market, times have not changed!
The lack of properties available continues to be severe. In February, the number of new instructions listed across all agents was 49% below their pre-pandemic average whilst the number of new tenancies was 60% lower.
The current constraints on activity are persisting and the situation is being worsened by the ongoing problems in the sales market. People are choosing to delay their purchases due to the instability in the housing and mortgage markets, further exacerbating the situation. The good news for Landlords is that with stock in short supply, average rental prices continue to rise.
The latest data for February shows that they rose 8.4% over the last year and are now 19% above their pre-pandemic levels. In most markets across the UK, affordability pressures should put an upper limit on rents. However, given the international profile of the rental market in prime central London, we expect this upward trend to continue into the summer.
Over the past months we have seen many more tenants choosing to extend their tenancies due to the lack of alternatives, meaning those properties aren’t coming back onto the market, further restricting supply. At the same time, we’ve found a remarkable increase in corporate searches as businesses take the opportunity of favourable currency rates to invest in new London offices, raising demand in the larger homes.
Within the smaller properties sector, it is only a matter of time before international students start looking for accommodation for their upcoming semester in August/September. This influx of applicants in an already crowded market will create the perfect storm of a lack of supply meeting an unprecedented level of demand. Prices are likely to reach eyewatering levels as a number of applicants try to outbid each other.
Here at Plaza, we are on hand to ensure our clients achieve the best price possible whilst ensuring we put the right people in the right properties. We have unparalleled success in finding quality long-term tenants. Our team of experts is dedicated to providing exceptional service and support to both landlords and tenants, and we are always striving to stay ahead of the curve with the latest industry insights and trends. We are committed to helping our clients navigate the ever-changing climate with confidence and peace of mind. Please feel free to reach out with any property queries.
Looking to Sell or Let?
Begin your journey with a free property valuation.
Get the facts and figures to make informed decisions.
Property Valuation
"*" indicates required fields
Got a question?
If you want to know more contact us,
and we’ll be happy to help you.
Contact Us
"*" indicates required fields
Share
Fraser Gregory
I started my career in 2008 at one of the largest agencies in the UK before taking the leap into the independent agency sector. I joined Plaza in 2012 and I’ve never looked back. Being part of a boutique family owned agency has been such a rewarding experience allowing me to be involved in every aspect of the lettings process. I have developed my skill and knowledge over the years by successfully passing the NFOPP Technical Award in Residential Lettings and Property Management. A nationally recognised qualification of Propertymark; The National Association of Estate Agents (NAEA) and Association of Residential Letting Agents (ARLA) I’m proud to be part of a company that has been involved in the community for nearly 50 years.
If you want 5-star reviews and want to remove negative reviews from Google, contact me via my profile; my contact details are listed there.
SM
Dear Eitan
In this whole sorry saga, with headbutting, unproactive lawyers, and a comatose estate agent etc etc, you have been a beacon of light throughout. Efficient, professional and responsive. This would never have got done without you.
Thank you.
All the best.
Maurice Shasha
We have been using Plaza Estates for many years for all our property requirements (sales, letting and management) and are delighted with the results and service they constantly deliver and provide!
KS
I generally dealt with the Marble Arch branch most of the time, but I can also say that the Knightsbridge office was also exceptionally helpful and professional on the occasions I did deal with them. Plaza Estates in general are excellent.
YZ
Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!
LI
I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.
SA
Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.
KR
We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza - they will find you a good tenant and ensure your ...
MS
Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years.
Thanks again for everything!
