The last three months have seen a dramatic increase in Chiswick tenancies, according to Christian Harper of Oliver Finn.
The private rented sector is strong in West London as the owner-occupier market cools down. This sharp rise in demand has in part been due to the fact that home owners who are unable to sell are opting to let instead.
Christian Harper of Oliver Finn: “Chiswick lettings are booming currently due to a strong demand mixed with a steady supply. There’s a large and varied choice of properties so tenants can find their perfect home, and a diverse selection of people are looking to rent so landlords can find their perfect tenant. The net result is a perfectly balanced market.”
This is supported by the rise in Oliver Finn’s lettings rate, which amounted to twenty seven tenancy agreements during August. This growth is across a mixture of property types appealing to students, young professionals and families.
Variety of properties, prices and tenants
There is plenty of student activity as new tenancies are sought by graduates who have finished their degrees and are about to start working.
Traditionally, now is also a busy time for corporate lets. International businesses are keen to relocate workers and their families, in time for the start of the new academic year. “We have three French families moving into houses this month because their children have a place at the Lycée Français school”, says Harper.
One consequence of the steady supply of rental property, is that some landlords are willing to accept less rent, in order to secure the perfect tenant. On the whole however, rents are stable with a variety to suit different budgets in W4, W12 and W3.
“The same number of people are currently looking for somewhere to live but the market is swinging towards lettings. It stands to reason that if people are not out buying, they’re sticking with renting”.
