Taylor Scott International News
International tenants and low stock levels are key features of the current prime central London lettings market, especially at its uppermost levels, according to the latest analysis report. Domestic tenants, including students and middle ranking pied-a-terre seeking business commuters, tend to dominate the rental market price band of £300 to £1,000 per week, according to the review from prime lettings specialist E J Harris. But the £1,000 to £4,000 per week price band is characterised by bankers and corporate tenants and above £4,000 per week the market is dominated by ultra-wealthy visitors from Russia, Africa, the Middle East and Asia. Using research from their own client database, local market intelligence and drawing on wider industry figures, the firm has produced a guide to top addresses, tenant profiles, typical apartment/house sizes for different rental price brands across the prime sector. It found that rental values have increased by 1% in prime central London over the past three months, achieving an average gross yield of 2.92% and the average rent per square foot in is currently £54. Tenants seeking rental properties on the market for £300 to £500 per week in prime central London can expect to find one bedroom apartments, providing 300 square feet of accommodation, typically located in Shepherd’s Bush, Holland Park and Bayswater. Tenants in this price brand are normally individuals or young couples aged 25 to 35 who looking for a pied-a-terre in the capital or young graduates who have landed their first job. Stock in this price brand is currently down 10%. Those searching for homes available to rent for £500 to £1,000 per week can find one or two bedroom apartments, providing 700 to 900 square feet of accommodation. Tenants will typically find a wider choice of properties available at that price range in Notting Hill, Marylebone and East Mayfair where the district borders Oxford Street. Tenants with this price brand are often students from wealthy families, whose parents are willing to pay their entire rent and deposit up front in order to secure the property they want. This price bracket also includes European and American corporate tenants who are relocating to London, and are typically couples with children or young single professionals. Stock within this price band is also currently down 10%. Tenants looking to spend £1,000 to £2,000 per week can expect to find two bedroom apartments offering 1,000 to 1,500 square feet of living space and situated in Mayfair, Belgravia or Marylebone. Typically, tenants searching for properties at this level are socialites seeking luxury pads or corporate tenants relocating to London, usually for a three-year stay. Stock in this price band is currently up 5%. E J Harris reveal that tenants able to spend £2,000 to £4,000 per week will find two and three bedroom luxury apartments situated in Belgravia, Mayfair or Knightsbridge. The typical profile of tenants seeking homes at this price range are CEO’s and… Taylor Scott International
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