The lettings director of high-end London lettings agency Russell Simpson says he expects the capital’s rentals market to blossom next year - and one sector in particular to see a surge in demand.
Charlie Woods says families have driven the capital’s market for three and four bedroom homes, thanks to the lack of supply on the sales side. “The cause has largely been down to homeowners sticking with their existing properties and choosing to renovate or extend, rather than taking a gamble on the market and buying somewhere new” he says.
Woods believes this will continue in 2018 and whilst all sectors of the lettings market in London should do well, there will be particular surge at the £1,000 to £1,200 per week segment, thanks to students “coming in strong in one of the final years EU citizens are guaranteed equal education fees and entry requirements.”
On a wider note, Woods says there is a changing attitude - and growing respect - towards lettings in London.
“It was once seen as a last option for those struggling to get on the ladder, for bachelors or international secondments. However, we’re now seeing the younger generation become more active and they have no qualms with renting over chaining themselves to a mortgage from an early age” he insists.
In addition, tenants and landlords alike are wanting a more bespoke service.
“They want more than just a rent collector or organising a handyman. We have to be almost like a 24-hour concierge to make sure every need is met and the rental period runs as smoothly as possible. This is a real demand for PCL, and one I expect to grow in 2018” he forecasts.