What is the current London rental market like compared with pre Covid ?
Slow in my recent experience and less professional applicants, although I think its not just covid, brexit may be at least as big a factor.
There seems to be a shift happening, as people are returning to offices and everything’s opened up again.
I recently listed and got an insane amount of enquiries!
I think the market’s making a comeback
That’s encouraging as I have a flat becoming available in August.
I’ve just let and half of the enquiries fizzled out when I asked questions about their situation (job, late payments etc ).
A further 20% or so viewed although out of budget. Some DSS enquiries, which I did not use to get before. About 20% serious applicants.
So definitely worse quality now than three years ago.
If it’s available in August why aren’t you advertising it now?
I prefer to wait until the tenants actually left so that I can be sure I dont make promises I cant keep to a new prospective tenant. It also gives me time to check for damage or wear and do any necessary work for re-letting.
Just looking at the availability now and there seems to be many newly refurbished properties , there doesnt seem to many “lived-in” properties , everything’s new . The prices seem to have decreased by about 20 % as well
I’ve just let my one bed property (no balcony, garden or extra room).
I had to go down £10 in rent since three years ago. Think flats with home working space and/or garden space have soared and others have gone down. Same with selling properties.
Think it will bounce back when things stabilise post-covid