“The lettings market has always had its healthy mix of properties available to rent; some very modern and high spec and other properties being more traditional.” says Tim Hassell, MD of Draker Lettings.
“Over the last six months or so we have seen an unusual benefit of the sale slowdown with a growing number of developers putting their properties that were for sale on the market to rent. Some of these properties are of a much higher quality of finish than is usually available to tenants and we see this very much as and emerging sector of the lettings market. Tenants on the whole are prepared to pay a premium rent for a property that has been interior designed to a high standard as they are buying into an immediate “lifestyle”.
DBPR asked London property rental experts about the lettings market and any changes they have seen in recent times.
“The trend for ‘silver surfer’ renters is becoming increasingly common. Recently we agreed tenancies for clients in their ‘senior years’ that have sold their family homes and have decided to rent large apartments or more lateral houses, rather than traditionally vertical period London houses. In some cases they are seeking to purchase again and will rent until finding their next home, but some intend to make renting a permanent lifestyle choice.”
Richard Bryce, Aston Chase
“In the past 8 – 10 years, we have seen an increase in wealthy tenants looking for prime property in London’s best post codes. These tenants are looking for convenience when money is no object and typically have been European aristocrats, hedge fund managers and both domestic and international professionals”
Peter Hermon-Taylor, MD Lettings, Maskells
“The cost of home ownership and mortgages means owning a top end property in London is beyond many people’s reach, but renting can give people the opportunity to experience without the long term commitment. We find that often people can afford to rent something which is considerably better than they could ever afford to buy. Equally, many people coming to work in London will choose to rent rather than buy, as they have homes elsewhere and do not want the burden of the additional costs associated with buying property in this country…not least of all Stamp Duty!”
Charlotte Mitchell-Innes , Associate Director, Aylesford International
“Reasons to rent vary between the displaced home owner, renting during an extensive refurbishment of their own home that could take years, the cash flow conscious whose money will work harder and faster elsewhere, and those that have been priced out of the market to buy but demand the lifestyle that only living in PCL can offer….”
Lynsey Schipper, Director and Head of Lettings, Lurot Brand