Mayfair and
Knightsbridge Svetlana Shcholokova, Head of Lettings at Beauchamp Estates
www.beauchamp.com
rents •
• •
Studio flats from £350/week
One-bedroom apartments from £500/week.
Luxury family homes or penthouses up to £25,000/week.
tenants Not only from the UK, but from corporate, diplomatic and individuals from every corner of the world. Russians, Middle Easterners and Americans lead the market. stock Georgian and Victorian town houses to Victorian and Edwardian purpose built flats, as well as high-tech contemporary, thre is a variety of different styles and architecture. the Market Rental values have increased 10 per cent during the past year for good quality rental stock, as a result of a lack of sales stock. Most enquiries tend to be for long tenancies, but there is also occasional demand for short-term rentals during the summer months. The rental market here has traditionally been sustained by wealthy tourists, diplomats and corporate executives. We have seen tenants coming from Russia, the States and the Middle East in recent months and have every reason to believe that this trend will continue. Rents have risen steadily over the last few years and there is now a trend for overseas visitors who opt to rent as opposed to purchase as in the short term this gives tenants greater flexibility. Looking ahead We expect demand to remain strong as quality tenants chase available stock. The weakness of the pound against the dollar and the euro will, we believe, continue to attract foreign tenants to the London rental market. In addition, Mayfair is well supplied with the international hedge funders who not only rent offices here but want to live in the immediate location either as owners or tenants of rented property.
Harrods – the corner shop of choice for choosy Knightsbridge residents
CheLsea and
Kensington Catherine Cockcroft, Head of Rentals at Aylesford International
www.aylesford.com
rents
• • •
One-bedroom properties from £400-£500/week.
Two-bedroom properties from £650-£1200/week.
Four/five bedroom family homes from £3000+/week.
tenants Primarily young professionals or young families, in many industries. Many nationalities, predominantly American and French. There has also been an increase in British renants who have sold their homes and are waiting to see what happens with the sales market.
stock Houses and apartments in the typical white stucco fronted buildings synonymous with Chelsea and Kensington make up the majority of stock, alongside redbrick houses and mansion blocks. Market trends Many properties have been placed on the rental market by ‘accidental landlords’ have now been sold. With a reduction in investment purchases there is now a shortage of rental properties available, resulting in an increase in rents and renewals being achieved in line with RPI, between 4/5 per cent. In terms of applicants, lately there has been a resurgence in activity. Applicants appear to be more serious with their offers, focusing on one or two properties/ offers, rather than putting in several offers to see which landlord would give them the best “deal”. It is certainly becoming a landlord’s market. We have also noticed a shortage of good quality family houses, whilst 2 bedroom properties from £800 - £1000/week are renting very quickly. Looking ahead As anticipated, 2011 has started well with a healthy amount of applicants looking to rent and slowly more properties are coming onto the market. We look forward to this continuing, but the market conditions are very much dictated by the ups and downs of the economy and this year spending cuts may well have an impact. However, with the Olympics in 2012, London will be gearing up for this major event and we predict an exciting 12-18 months ahead.
PROPERTYdrum FEBRUARY 2011 45
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