At David Harris & Co, we are committed to connecting tenants and landlords in Finchley, and surrounding areas. We know the past couple of years have been challenging in the London rental market, but there is still great demand for rental property.
We wouldn’t say things are returning to normal, that might never happen, but life is moving forward. People are returning to working in offices, and life is returning to London. We are very pleased to see this, but we know things have changed.
While there is great demand for rental property in Finchley, as there is across the capital, not all properties are in high demand. Some rental properties are attracting greater interest than others, and this is something which landlords must understand about the current rental market in London.
Flats don’t appeal to tenants at this time
A study undertaken by Ocasa suggests the demand for flats is not what it used to be pre-pandemic times. We shouldn’t be surprised at this. People want more space, and they want access to outdoor space. This isn’t always possible with flats, so if there is a chance for tenants to move into a home with a garden, that will appeal more than a flat.
If you’re a landlord with flats, its not going to be impossible to let property, but it might involve harder work. Thankfully, this is what we do on your behalf.
The study found that flats currently account for 55% of all rental property listed across the country.
In the capital, the level of flat rental stock stands at 83.3%, which is the highest of any region. Of these flats listed for rent in London, only 31.9% are listed as a let agreed with a tenant.
Jack Godby, Head of Sales and Marketing at Ocasa, commented: “While flats and apartments are always going to be the predominant style of rental stock available in built-up urban areas, they also offer a far more affordable option when renting due to their smaller size and so they’re often preferable to the vast majority of tenants. This is particularly true in London where the cost of renting is far higher than in any other area of Britain, but it seems that despite a return to normality and the workplace, demand for this style of renting within the capital is yet to see a revival.”
Jack Godby continued by saying; “This is undoubtedly due to the influence of the pandemic as many tenants have been able to maintain an element of flexible working, meaning they no longer mind a longer commute from outside the M25 when it isn’t a Monday to Friday requirement. It remains to be seen how long this trend may last, but as it stands, the glory days of the London rental market could be some way away from returning.”
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
