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A Summer of Lets

June is a notoriously busy lettings month and our team have seen a notable rush of queries from the flood of tenants who are moving into the area, often for university due to some of London’s best universities being in Bloomsbury. Indications are looking good for a strong summer season and our lettings transactions so far are up 38% on 2012 levels. The lettings market is largely populated not just by students but also young single professionals and couples looking to live close to work. For this to work in the area there needs to be an abundance of one/two bedroom properties to let. Recently there has been a dramatic rise in buy to let properties which opens up the market, this has been encouraged by mortgage lenders offering the lowest possible mortgage rates, most recently The Mortgage Works (part of Nationwide) offering a mortgage of just 2.49% for fixed buy-to-let mortgage rates. What we have seen in central London which is defying national trend, is a slight lull in prices for rent. While this might woo tenants, it is being seen in the property industry as a balancing of the sharp spike in rental prices that occurred in Q2 2012. In the West End and Clerkenwell we have seen a rise of 11.7% in number of lets agreed in the £750 -£1000 p/w rent bracket, while there has been a rise of 21.7% in number of lets agreed for properties between £1,000 and £1,500 p/w. This reflects the time of year, with properties being snapped up by the international student market.

June is a notoriously busy lettings month and our team have seen a notable rush of queries from the flood of tenants who are moving into the area, often for university due to some of London’s best universities being in Bloomsbury.

Indications are looking good for a strong summer season and our lettings transactions so far are up 38% on 2012 levels. The lettings market is largely populated not just by students but also young single professionals and couples looking to live close to work. For this to work in the area there needs to be an abundance of one/two bedroom properties to let.

Recently there has been a dramatic rise in buy to let properties which opens up the market, this has been encouraged by mortgage lenders offering the lowest possible mortgage rates, most recently The Mortgage Works (part of Nationwide) offering a mortgage of just 2.49% for fixed buy-to-let mortgage rates.

What we have seen in central London which is defying national trend, is a slight lull in prices for rent. While this might woo tenants, it is being seen in the property industry as a balancing of the sharp spike in rental prices that occurred in Q2 2012.

In the West End and Clerkenwell we have seen a rise of 11.7% in number of lets agreed in the £750 -£1000 p/w rent bracket, while there has been a rise of 21.7% in number of lets agreed for properties between £1,000 and £1,500 p/w. This reflects the time of year, with properties being snapped up by the international student market.

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