New year, similar story. We had a very successful but somewhat frustrating Q4 with the lack of supply seen throughout 2022 continuing to be the key hurdle in the prime lettings market.
Out with the old and in with the new, there has been a welcome shift as more properties are hitting the Prime Central London rental market, offering tenants a break from the one-sided frenzy of last year. A sluggish sales market has prompted a number of vendors to reconsider their decision to sell, opting to rent out their properties instead.
This January, new rental listings increased by 10% compared to last year, and a newfound confidence is showing among tenants. With more options to choose from, many are re-evaluating their current leases, particularly if faced with rent increases. This shift will likely fuel further supply, creating a more dynamic market.
While rents remain higher than previous years (up 6.8% in prime central London), demand has started to ease. Meaning tenants are now taking their time, comparing options, and negotiating before committing. A stark contrast to the 12 months prior, when securing any apartment often meant being first through the door and offer asking price or higher.
In short, the London rental market is shifting, but not dramatically.
The current increased supply provides tenants with more choice, but the reliable demand ensures landlords still hold some leverage and with rising mortgage costs, taxes and regulations such as the Renters Reform Bill all still in the mix this should keep rents high this year by ensuring there is not a surplus of properties. It’s a period of rediscovering balance, with tenants doing their due diligence and landlords facing fresh considerations.
In legislative news, the much talked about Renters Reform Bill is yet to progress much further. In October last year, the government announced that they will not abolish the Section 21 eviction route until reforms are made to the justice system and sufficient progress has been made to improve the way courts deal with legitimate possession cases.
The courts have had significant delays in dealing with evictions, especially because of Covid-19 backlog, which need to be cleared first. In the interim, landlords are advised to continue to use the Section 21 process as it stands. We will continue to keep you updated on any developments but for now it is business as usual.
We have serious, motivated, applicants ready to move across the board from 1-bedroom flats to 5+ bed houses so if you have been considering letting your property or you haven’t been able to achieve the price you hoped in the sales market, now is the perfect time to let.
Please call or email us, we’d be happy to give an up-to-date free valuation and assist in finding the right tenancy for your situation, whether you need a long-term 2-3 year let or a 1-year let with a six-month break clause as a stopgap whilst waiting for the sales market to improve.
As an experienced independent agency we are able to adapt to whatever the requirement and are happy to help in any way we can.
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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!
