Prime rental market boom as NVP expands lettings division
With so much uncertainty around, created firstly by the UK’s proposed departure from the European Union and latterly the general election, it is no surprise that the rental market is so strong. Many people want to retain as much flexibility as possible, preferring not to make as serious a commitment as purchasing a property, but renting while they ‘wait and see’.
Various reports into the prime lettings market have suggested that rents have strengthened this year, particularly in the £5,000-a-week bracket. The weakness of sterling means that US tenants in particular have more spending power, while stamp duty levels being what they are means that if you are renting for five years or less you would often be better off than if you had bought that property.
At Nicolas Van Patrick, we have enjoyed a record number of rental renewals recently. We put this down to our first-class property management service and lack of prime rental stock in the area. We have also recently expanded our rental offering to reflect this growth in lettings, with Alice Umfreville joining as Lettings Manager.
On joining Nicolas Van Patrick, Alice says: ‘The market is very price-sensitive but is undeniably busy. Properties which come to the market at too high a rent will sit there but landlords who are prepared to take advice on pricing and presentation are seeing a lot of interest.
‘There are particular rental brackets which are showing huge interest with not nearly enough stock to satisfy demand.
‘Our tenants are mainly European and from the Middle East, with a smattering of Americans. Many are not potential buyers at all but simply wish to rent. Many are couples, looking for a rental close to their place of work. People are thinking about the length of their commute and how much time they want to spend doing it – ideally many want to be within 10 minutes to half an hour of the office. Knightsbridge is very centrally located, of course, plus has the bonus of some good restaurants and shops. But we are finding that a short commute to work is the main draw.
‘As a boutique agency, we have the freedom to do things differently and work in the best way for our clients. There are many corporate agencies which don’t have this strong focus because they have so much red-tape to deal with.’
If you have a property sitting unlet or becoming available do let us know as we would be delighted to assist.