London’s Prime Lettings Market Makes Strong Start To 2021
Lettings in the prime central London area have risen sharply in January 2021, compared to the same time last year, according to an article in Property Reporter. Figures released by an independent chartered surveyor and estate agent reveal that they agreed over 330 deals per week, a rise of 195% on the same weeks last year.
The results may seem surprising, given that 2020 was a rocky year for the property market and property finance in London, and the whole of the UK. The estate agents are confident that central London is attracting new tenants in anticipation of the summer, when it is hoped life will resume some semblance of normality.
Despite the present conditions, the efficient rollout of the coronavirus vaccine has led many people to feel confident about returning to their places of work by the summer. Besides the convenience of being close to the office, it is anticipated that much of London’s vibrant cultural life will swing back into life as the year unfurls.
The agents say that they are at their busiest for five years, with particular activity around the West End and City of London, where rents are currently attractive. Places with good access to green space are also in demand, such as Wimbledon and Hampstead, as more people have relied on outdoor exercise over the past year.
The agents also point out that many prospective tenants have larger budgets, thanks to almost a year of rolling lockdowns and travel restrictions. With no other sources to soak up their disposable income, people are looking for property in areas that were once unaffordable to them.
The collapse of the Airbnb market has also increased the amount of letting properties available, and they are on the market at a more attractive price than they normally would be. Although this is likely to be a temporary phenomenon, there are currently some bargains to be had, and this has led to a property surge.
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