London lettings market update
With summer now here, we’re into the busiest time of the year for Lettings. “Mid-summer is always full of activity,” says Alex Harrington, Dexters Group Lettings Managing Director.
“With September just around the corner, students and families with children are keen to be settled before the start of the new academic year.”
We currently have 12,000 applicants actively looking across London for their next rental property. “With over 60 offices across the capital and 28 in Central London, our local lettings experts are highly experienced in their markets and are able to provide both landlords and prospective tenants with the best advice on all aspects of their localities.” says Alex. “We work tirelessly to find the very best tenants for our landlords, keeping void periods and arrears to an absolute minimum. We also encourage longer tenancies and this year we’ve seen an increasing number of three-year rental agreements.”
Dexters manages properties ranging from individual houses to blocks of flats for over 20,000 landlords across all areas of London. We work in partnership with our landlords. “We offer a straightforward and transparent commission structure, which allows our landlords to spread the payment of our commission over the duration of the tenancy,” says Alex. “Unlike most agents, our commission is paid on a monthly basis, so that our landlords start receiving an income for their property as soon as the tenant moves in.”
Across London, Dexters Corporate Lettings and International Relocation teams are assisting large numbers of tenants from international companies and organisations, embassies, government departments, universities and educational institutions.
Top quality corporate tenants continue to compete for the best properties. As Dexters Corporate Lettings and International Relocation Director Marcus Ward says, “We are dealing with over 200 enquires a week for property in the capital - this summer has already proved busy, and there are no signs of this slowing down. We place everyone from graduates and company executives looking for the perfect flat, to embassy figures and CEOs searching for large family homes. We assist corporate tenants with their searches across the capital and we are finding that Central London and the West End are particularly popular at the moment, especially around the £5,000 plus per month level."
We expect demand to remain strong from local, American and European landlord investors in particular, as there are reliable returns from London’s established lettings market. We anticipate an additional one million households in the UK to be renting by 2021, with the highest demand in London itself.
If you are considering letting your property or would like an update on your local market, we would be delighted to assist. Please click here to make contact with your local Dexters office.