Explore the thriving market for short-term and long-term rentals, offering convenience and flexibility in London's alluring landscape.
We speak to Beauchamp Estates' Lettings Managers, Erik Holmgren and Francesca Fox, to understand the ever-changing landscape of Prime London rentals. Offering expert insights into limited supply, high demand, and rising rents across all price ranges. In addition the resurgence in demand for apartments with outdoor spaces and explore the diverse mix of clients, including those seeking work-related relocations, international families, and filming inquiries.
Limited Supply, High Demand & Rising Rents
The market continues to witness limited supply and high demand across all price ranges. This persistent trend has been driving rents upwards, albeit at a slightly slower pace compared to previous months. As we approach the busiest time of the year, this pattern is expected to continue. Among the most sought-after properties are large family houses with gardens, penthouse apartments, and mid-sized two to three-bedroom apartments, catering to the preferences of singles and couples.
Upward Trajectory of Price & Specific Property Preferences
The upward trajectory of prices, primarily driven by supply and demand dynamics, coupled with high inflation rates, particularly RPI. Luxury turnkey properties, encompassing both houses and apartments, are in high demand. In the North West London area, there is a strong preference for refurbished houses with spacious gardens. Well-maintained apartments have also achieved record prices, reflecting the market's appetite for refined residences. It is also noteworthy that the market is currently in transition, with a reduced prevalence of long-term tenants. Today, tenants place a greater emphasis on convenience and high-quality amenities.
Apartments with Outdoor Space Regaining Momentum
When it comes to property preferences, we have observed a resurgence in demand for apartments with outdoor space. Tenants appreciate the spaciousness and convenience that apartments offer, along with the added benefits of concierge services and facilities. Knightsbridge, in particular, has witnessed a sustained increase in demand, especially from clients originating from the Middle East. However, in the North West London area, apartments with terraces are also performing well, although many tenants still favour low built houses.
Clientele: A Diverse Mix of Needs & Backgrounds
Beauchamp Estates caters to a diverse clientele, with a wide array of property searches. A significant portion of our super prime inquiries are driven by work-related relocations. Clients seeking exceptional properties often have specific needs and preferences linked to their professional endeavors. Additionally, the mix of clients we currently serve include international families seeking relocation for work opportunities and their children's education. This year, there has been a notable increase in filming inquiries, owing to a backlog from COVID-19 related location searches. As we approach the summer market, Beauchamp Estates is experiencing a significant surge in short-term inquiries from various parts of the world, demonstrating global interest in our services.
Current Briefs & Market Considerations
Emphasising the consistent demand for short-term rentals, particularly during the summer months. Long-term rentals also remain robust, as many individuals are relocating to London, with a focus on Prime Central London (PCL). Renting initially provides the flexibility to explore London and determine the ideal location for a future property purchase. Stamp duty considerations also come into play, especially for highly exclusive super prime rentals.
Convenience and flexibility have made renting a popular choice, particularly due to high interest rates. Some clients are waiting for interest rates to decrease before financing their next home purchase, reflecting a cautious approach. Despite this cautious sentiment, significant foreign investment continues to flow into the UK, reflecting confidence in the market's resilience.
London's allure and strong demand.
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