London Property Market - Notting Hill and Kensington Lettings
There's been alot of speculation in the media about a "boom" in London property rentals followed - almost the next day - with a story of the catastrophic fall in London rents. To put the record straight here are the actual numbers (asking prices vs prices agreed) taken from our Notting Hill and Kensington lettings office for September move - ins agreed to close of business today.
September 2008 Move-ins to date, Notting Hill and Kensington lettings, prices p/w
The figures demonstrate that the lettings market (with Chard, at least) is stable with plenty of tenants and stable prices.
A difference of 3.74% - somewhat different to the agent (we hope erroneously quoted in the Times) saying that flats at 1250 per week were now being let at 450 per week!
September 2008 Move-ins to date, Notting Hill and Kensington lettings, prices p/w
| Ask | Agreed | Diff £ | Diff % |
| 2100 | 2000 | -100 | -4.76% |
| 650 | 600 | -50 | -7.69% |
| 650 | 600 | -50 | -7.69% |
| 650 | 650 | 0 | 0.00% |
| 350 | 350 | 0 | 0.00% |
| 325 | 300 | -25 | -7.69% |
| 475 | 475 | 0 | 0.00% |
| 995 | 900 | -95 | -9.55% |
| 325 | 300 | -25 | -7.69% |
| 450 | 435 | -15 | -3.33% |
| 325 | 310 | -15 | -4.62% |
| 575 | 575 | -0 | 0.00% |
| 395 | 370 | -25 | -6.33% |
| 700 | 675 | -25 | -3.57% |
| 1350 | 1100 | -250 | -18.52% |
| 565 | 525 | -40 | -7.08% |
| 450 | 400 | -50 | -11.11% |
| 350 | 345 | -5 | -1.43% |
| 230 | 210 | -20 | -8.70% |
| 450 | 425 | -25 | -5.56% |
| 375 | 350 | -25 | -6.67% |
| 300 | 300 | 0 | 0.00% |
| 795 | 700 | -95 | -11.95% |
| 375 | 375 | 0 | 0.00% |
| 310 | 300 | -10 | -3.23% |
| 285 | 285 | 0 | 0.00% |
| 395 | 375 | -20 | -5.06% |
| 475 | 475 | 0 | 0.00% |
| 430 | 430 | 0 | 0.00% |
| 575 | 540 | -35 | -6.09% |
| 350 | 330 | -20 | -5.71% |
| 350 | 355 | 5 | 1.43% |
| 360 | 340 | -20 | -5.56% |
| 425 | 425 | 0 | 0.00% |
| 685 | 625 | -60 | -8.76% |
| 495 | 495 | 0 | 0.00% |
| 450 | 430 | -20 | -4.44% |
| 350 | 350 | 0 | 0.00% |
| 750 | 750 | 0 | 0.00% |
| 410 | 400 | -10 | -2.44% |
| 750 | 750 | 0 | 0.00% |
| 360 | 360 | 0 | 0.00% |
| 575 | 510 | -65 | -11.30% |
| 650 | 600 | -50 | -7.69% |
| 350 | 350 | 0 | 0.00% |
| 550 | 525 | -25 | -4.55% |
| 380 | 400 | 20 | 5.26% |
| 395 | 395 | 0 | 0.00% |
| 400 | 425 | 25 | 6.25% |
| 485 | 475 | -10 | -2.06% |
| 350 | 340 | -10 | -2.86% |
| ___ | ___ | ___ | ____ |
| Ave | Ave | Ave | Ave |
| £520.49 | £496.18 | -£24.31 | -3.74% |
The figures demonstrate that the lettings market (with Chard, at least) is stable with plenty of tenants and stable prices.
A difference of 3.74% - somewhat different to the agent (we hope erroneously quoted in the Times) saying that flats at 1250 per week were now being let at 450 per week!
posted by Barry Manners @ 11:30 AM
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2 Comments:
Is it possible the agent in question meant that flats that used to go for 1250 per week at the height of the rental boom were now being let at 450 per week? How much would these listed above have gone for at the height of the boom?
I'm anonymous because I'm sick of having to log in to everything just to leave a comment.
By and large properties are being listed at the same prices as a year ago. Some mid price range property is being listed at a 10-20% discount, but that's generally a reflection of the fact that alot of it is new to the market and not well suited to what tenants actually want.
We're genuinely mystified how the discount from 1250 to 450 pw is accounted for. I understand that the author of the comment has attributed the quote to a typo.
Our Notting Hill lettings office agreed five lets today from 2600 down to 270 pw. The lettings market in Notting Hill is still busy. People need to live somewhere.
The fear is that a general economic depression (let's not call it a recession) may mean widespread meltdown, in which case we're talking soup lines in parts of the UK, not just falling sales and rental values.
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