London Rental Market Recovering Well
The past year or so has been a trying time for landlords, and many letting industry professionals have suffered a trying time. Therefore, news that average rents in the capital are rising, and that many industry experts believe the London rental market is recovering well is likely to be viewed as positive news.
According to the Home website, the average rent in most boroughs across London have risen in the past three months.
How is North West London faring?
The Home website said; “Confidence is clearly returning to the rental market and over the coming months this will spill over into the sales market, which is still plagued by a glut of unsold stock. Given the astonishing speed in the recovery in rents (and therefore yields), we expect buyer interest to increase significantly. Moreover, given that Greater London home prices have gone nowhere over the last five years, there’s plenty of room for growth.”
What are industry experts and observers saying?
While we know the Willesden market very well, these are unprecedented times, and we are all looking for guidance or actionable information. As well as speaking with many local landlords and tenants, we pay attention to what industry observers say, hoping we can help you make an informed decision.
Jonathan Portes, is a professor of economics and public policy at King’s College in London, who said; “What we’re seeing in the labour market very much confirms the idea that a lot of people have left and haven’t come back yet, and that a lot of people who were on furlough have not been in the country during this period.”
Gráinne Gilmore, head of research at Zoopla, comments: “Demand will continue to rise in city centres as offices start to reopen and this, coupled with increased affordability levels in many cases, will start to counter the negative pressure on rents seen over the last 12 months.”
Richard Donnell, research director at property portal Zoopla, believes residential rents will start to rise again in the capital. He said; “London’s rental market has hit rock bottom and is starting to rebound quite quickly. The decline in rents will only be offset once we have international travel and migration for work — the timing of which remains unclear and looks like some time in 2022.”
Yolande Barnes, a professor at University College London’s Bartlett Real Estate Institute, said; “Cities have been used to sucking in millions of commuters in the morning and disgorging them in the evenings. When that pattern changes, you might find the infrastructure is in the wrong place. Until we know how that question is resolved, it’s much harder to know where real estate is going to go.”
If you have any questions about the local rental market, or you feel it’s time to make a move, get in touch, and we will be more than happy to assist you.
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around Willesden, Dollis Hill, Neasden or North West London, call us on 020 8459 2530 and a member of our team will be happy to help.