Notting Hill W11

RICS has released a report on UK residential lettings in Q1 2008. Read the 16-page survey HERE (*pdf).

The truth about London is in the comments section:

Christopher Ames MRICS Best Gapp & Cassells (Belgravia)
“The market appears to be dead.”

Richard Cotton BSc FRICS Cluttons (Tower Bridge)
“We find there are lots of fallthroughs on lettings as people pull out of the lets due to job losses.”

Edward Reeve BSc FRICS Edward Reeve (Pimlico)
“More tenants are moving, so there are more flats to relet. Rents on reletting are increasing substantially, e.g. a two bedroom flat was £1650 per month, but relet at £2060 per month – an increase of 24.85%! Yields are increasing as rents are up and values down, but if property is owned, the rental increase is being matched or eroded by a value decrease.”

Ben Temple BSc MRICS Temples Limited (Clapham)
“The supply of properties has increased substantially over the last quarter, but although we have
seen some easing of rents, good properties are still letting at approximately 5% to 10% higher than last year. We are not experiencing substantial voids as there remains good tenant demand and we expect this to continue in to the summer when we expect the usual boost to tenant numbers. We therefore remain positive about the market, although we are having to do 90% more viewings for the same number of deals!”

This entry was posted on Thursday, May 22nd, 2008 at 1:58 pm and is filed under For Tenant. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.