Rental Prices May Rise in Brook Green and Fulham

Typical of the flats and houses to let in London being snapped up early, this flat to let in Latymer Court, Hammersmith Road W6 was let yesterday by Chard's Brook Green lettings office. Asking price 550 per week.


It looks like there's change in the air in the West London property market. Landlords in West London have become used to having to re-negotiate rents and often accept a lower figure than in 2007-8. That may be about to change.

As we approach the busiest time of year for the London lettings market, we're seeing less stock of property available to rent in Fulham and Brook Green, in particular. Partly this is due to a very succesful month with both offices letting over 40% more properties than one year ago - with more interest in mid value property to let especially, typically from 400-600 per week.

New graduates generally start work in September, at the same time as students return to London. This traditionally creates a wave of strong demand beginning in July and continuing into early October and exacerbated by that fact that most tenancy agreements are for a year, encouraging existing tenants to "trade up, down or sideways" on the anniversary of their original relocation to London.

Without more stock coming on to the market, many prospective tenants may find it more difficult and expensive to find a new home in London this year especially in the lower to mid price brackets under 700 per week.

Our advice to tenants right now is to find a home soon, and not delay your search until August.

London Property Market - Graham Norwood's July Blog

London Property Market - July 2009. Graham Norwood's blog.

The news may be increasingly optimistic but we still need one vital ingredient before the market starts to recover.

Mortgage lending is up, says government figures; house price falls are slowing, says business consultancy Hometrack (although this firm seems to have under-estimated price falls anyway); and the Halifax says it is cheaper than ever to actually run a home should you have managed to buy one.

Yet while this good news makes a sunny summer even better, there’s still a feeling that things aren’t right. And they aren’t.

Job losses are mounting (outside London, mainly) and there are numerous reports of firms doing wildly eccentric stunts – like not paying staff for a month in BA’s case – to make ends meet. Add in the distinct feeling that we have a government undergoing one of the longest death rattles in political history, and there is only one result.

That is, a lack of confidence.

It will return, and quite soon, but it isn’t there yet. That’s why figures suggest only 400,000 of us will move house this year, compared to 1.2m just four years ago.

Don’t wish your life away but be realistic, all the same. It may be sunny out there but the housing will not be heating up properly until next year.

Graham Norwood

More Buyers Looking At Properties to Buy in London

Chard estate agents London offices are seeing more buyers registering. Buyer registrations are already up 14% on May, with a few days still to run the figure could be up by around 25% month on month.

Interestingly Chard's Notting Hill and Kensington property sales office on Notting Hill Gate registered two separate buyers earlier this week who had enlisted the help of their parents to help with their search. Mum and Dad have more time on their hands than City professionals for whom taking an extra hour during the working week is not likely to be a good career move. We have viewings lined up for them both on Saturday afternooon (today).

Eight Properties Let in 48 Hours By Chard Lettings Agents South Kensington Office

Chard lettings agents in South Kensington has agreed eight flats to let, with a further three also under offer in the last 48 hours.

The flats to let are in Trebovir Road, Earls Court, SW5; Collingham Road, near Gloucester Road, SW5; Cornwall Gardens, SW7 just north of Gloucester Road underground; Penwern Road, Earls Court, SW5; Elystan Street, Chelsea, SW3 near the Kings Road and Sloane Square; Eardley Crescent, Earls Cort, SW5; Earls Court Road, SW5 and Brechin Place in South Kensington SW7.

Asking prices varied from 265 to 575 per week, in line with the established trend towards demand for smaller flats to let in London close to good transport.

Chard lettings office in South Kensington & Chelsea is managed by Richard Saltmer who joined Chard as a negotiator eight years ago, becoming manager of their lettings office in Fulham and then South Kensington & Chelsea lettings in 2006.

If you have a property to let in South Kensington, Earls Court, Gloucester Road, Chelsea or Kensington contact Richard Saltmer on 020 7244 7711.