‘There has been uncertainty in the London rental market from overseas tenants and companies and therefore companies have not been bringing as many employees to the UK.” says Catherine Cockcroft, Director and Head of Lettings at Aylesford International.
“This has resulted in a reduction of tenants looking, which, in many cases, has meant a reduction in rents across the board. Many existing tenants have decided to stay where they are and renew their tenancies, especially if they have a two month break clause, because if they move into a new property, they will usually have to guarantee a minimum of six to 12 months for any new tenancy.
Family House Rental Market
‘The family house rental market has been much stronger this year than last year; budgets have come down generally. However, there has been an increase in applicants at the very top end of the market, which has come from would-be purchasers, who, due to the stamp duty increases (in most cases) have decided not to buy, but to rent for a few years to see what happens to the sales market. They still require the very best in terms of location and quality and for exceptional properties will pay rents in the region of £10,000 to £15,000 per week if the property suits their requirements.
Most properties at this level are on the market for sale and some vendors are coming round to the idea of offering their properties for rental for a few years, until Brexit is over and the sales market settles down.”
Catherine Cockcroft is Director and Head of Lettings at Aylesford International