Tenants ‘swarming’ over new rental instructions in Chelsea & Knightsbridge
- By Bertie Russell
- 27 September 2019
There’s been some more anecdotal evidence of rampant demand in London’s rental market.
Earlier this week we heard how increasing numbers of tenants were “pre-letting” units to secure a space in the capital’s new-build schemes, and well-located period properties also appear to be provoking fierce competition.
Longstanding PCL agency Russell Simpson has reported transacted on a number of “quick-fire” lets, including a penthouse on Redcliffe Square that attracted 15 viewings in just 48 hours and sparked a five-way bidding war. The apartment ended up being taken on a long let at 17% above asking.
Elsewhere, a two-bed property in Knightsbridge was snapped up on the day of launch, while a townhouse on a premier Chelsea garden square was let within three days of hitting the market.
Large family homes and well-presented flats in good locations are flying off the shelves, according to the team, which is seeing “strong interest” from families, professional couples and others looking for a London base.
Earlier this month, Knight Frank reported a 22% jump in the number of would-be tenants across prime London, with no corresponding rise in supply. The agency agreed 40 super-prime tenancies in Q2 – the highest second quarter figure in more than five years, although the average rent in PCL has dipped marginally by 0.2% in the last year.
Charlie Woods, Head of Lettings at Russell Simpson: “We’ve had a lot of occasions this year where new listings have attracted a swarm of interested parties and been secured in a matter of days, even hours on occasion. The Redcliffe Square example was of particular significance due to the vast amount of calls we received and viewings held, which eventually led to a bidding war. This just shows that the prime London lettings market is currently in a strong period, with the right type of listings not staying on the market for very long at all.”
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