A PropTech firm has analysed London’s rental market and its results again spell bad news for those in the sector in prime central areas.
The firm, Residently, claims that homes in Mayfair’s W1K postcode have voids lasting for 98 days on average before a tenant is placed.
Worst of all is neighbouring SW1A, home to Buckingham Palace, which has London’s slowest-letting properties, with homes sitting on the market for over 140 days.
Looking at larger regions of the capital, west London on a whole is the worst performing area with properties taking on average 56 days to let.
W8, which covers Kensington, is this area’s poorest performing postcode, with homes often sitting on the market for nearly 90 days before a tenant is secured.
At the other end of the scale, in south east London properties average only 29 days on the market before letting, while EC4Y is London’s quickest postcode to let - the area, which stretches between Temple and Blackfriars, has a very limited number of homes on the market, meaning available homes are snapped up within 20 days.
Residently is an online agency which operates only within London’s zones 1 and 2. It claims to stand out from other agencies by offering additional services including cleaning, laundry, floristry, storage and artwork rental, in addition to regular property management, tenant verification and so on.