Three London lettings sub-markets performed relatively weakly according to data just released by Knight Frank.
Wimbledon’s rental values fell 1.5 per cent in the year to August; this follows a 5.2 per cent drop the previous year.
Oliver Cooper, head of Wimbledon lettings for the agency says: “Wimbledon remains a popular destination for families relocating to the UK for work reasons. However, budgets are lower than they were several years ago, which means landlords often need to reduce asking rents. Some landlords have sold up due to recent tax changes, which will reduce the supply of lettings property and maintain upwards pressure on rents.”
There’s been a fall, too, in Bayswater where rents declined 0.4 per cent in the year to August, following declines of more than 5.0 per cent recorded at the start of 2017.
The agency says properties that are specified and furnished to a sufficiently high standard are more likely to attract tenants in the area.
Meanwhile in Richmond the number of listings has declined 12 per cent in the year to August, underlining the fact that more landlords are attempting to sell their property due to a recent series of tax changes, the agency says.
However, according to its local lettings head Debbie Pinkham, there are still a number of ‘accidental’ landlords in the market who have attempted to sell but were unable to achieve their asking price and will sell when market conditions become more favourable.