RESIDENTIALlettings
Lets go to London
Anna Zeuner reviews London’s lively letting scene. STRong deMand, weak SuppLy, RiSing RenTS
Right now, the London rentals market is undoubtedly one of the most active in the UK. International demand seems inexhaustible, domestic demand; even
Soho
Information provided by Rob Hill, Director at Greater London Properties.
www.greaterlondonproperties.co.uk 0207 734 4062
Rents •
• •
Studios from £325-375/week
One-bedroom properties from £400-500/week
Two-bedroom properties from £525+/week
Tenants Soho has always had an appeal across a large cross section of society, from bohemian artistic types to high-flying lawyers and bankers. High quality apartments are attracting an increased number of high earning professionals keen to experience living in one of London’s true 24-hour hotspots. Stock Soho is a true melting pot, offering contemporary new build apartments, warehouse conversions, Victorian and Georgian properties and a few high-rise 1960-70s blocks. This diverse selection of properties and architecture is one of the main reasons that applicants are drawn to the area. The Market The Soho rental market is very buoyant and has become a more desirable place to live over the past few years. This is a direct result of Westminster Council’s desire to see an increased number of residents living in Soho. Many of the major property owners have converted small office stock into desirable high quality apartments and we have witnessed some new build schemes
44 FEBRUARY 2011 PROPERTYdrum
with rising unemployment and high rents, is also constant. The streets of London are, for many, still paved with gold and the rich pickings aren’t confined to the millionaires’
that also offer contemporary chic to potential residents. These factors, coupled with the gentrification of the area as a whole, have meant that prices have steadily increased in direct correlation with the increased demand from all sectors of society. One notable trend has been the
reduced numbers of UK based students renting in the area. The number of UK student applicants has risen but the rising costs of rent in the area has meant that it is increasingly hard for them to find a suitable property within their budget, and many have been forced to look at more affordable areas. The international students do buck this trend as they seem to have the budgets to afford the higher prices.
rows as our overview shows. This cross section of Central London locations gives an interesting overview of the activity in the market.
Looking ahead The lack of stock available for purchase means that the main way to live in the area is to rent. This lack of stock coupled with the ongoing gentrification of the area should mean that as the year progresses, rental prices will increase as they have done for the past few years.
Soho has it all, clubs, bars, shops and leafy squares as well
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