We know these are challenging times, and demand in the housing and rental market has been shaped by the COVID-19 pandemic. There has been a lot of focus placed on what buyers are currently looking for, but given our support for the rental market in and around Greenwich, we want to keep you informed on this matter.
We liaise closely with tenants and landlords in Greenwich, and we study research carried out locally and nationally. If you want to make an informed decision in the local rental market, Hunters Greenwich is here for you.
What is tenant demand in London?
Spotahome has carried out research on what constitutes the most desirable features in London’s rental market. Their findings suggest a parking space or a garage is the most desirable feature for London tenants.
The list of desirable features is as follows:
· Rental property with a garage or parking space had a demand score of 26%
· A garden in the rental property had a demand score of 25%
· Rental property with a terrace or balcony had a demand score of 23%
· Nearby amenities such as gyms, supermarkets, shops and swimming pools also had a demand score of 23%
· Security features or the property having a porter also achieved a demand score of 23%
· A furnished flat had a demand score of 20%
· A pet-friendly home had a demand score of 11%
Demand by London borough
The most desirable features by London borough can be viewed below:
· A balcony was the leading feature in the following boroughs, Westminster, Bexley, Havering, Tower Hamlets, Redbridge, Bromley and the City of London.
· A parking space was the most in-demand feature in the following boroughs: Kingston, Barking and Dagenham, Greenwich, Hillingdon, Southwark, Brent and Enfield.
· A rental property with a garden was the most desirable feature in the following boroughs: Fulham, Richmond and Hammersmith, Harrow, Hackney, Lewisham, Barnet.
· Security was the most pressing concern in Merton, Waltham Forest, Haringey, Ealing and Croydon while a pet-friendly rental property was most important in Islington, Camden and Hounslow.
Parking spaces in demand in Greenwich
As you’ll have seen above, the most desirable feature in the Royal Borough of Greenwich is car parking availability or a garage space. Any landlord who can offer this feature to tenants will experience notable demand for their rental property, and if you have this feature, we are keen to help you let the property.
Nadia Butt is the UK and Ireland Country Manager of Spotahome, and she said; “Recent events have certainly seen a spike in demand for outdoor space to help ease the monotony of more time spent at home. However, whilst gardens and balconies remain sought after features, a parking space within the capital continues to be at the top of the tenant wish list.”
Nadia continued by saying; “When planning a move to London or even within London for that matter, it’s important to be realistic about what you will be able to secure in your desired location. A search for green space in the capital’s inner boroughs isn’t going to be as fruitful as rental pockets across London’s outer boroughs. So you may need to compromise with a balcony or terrace if inner London is where you want to be.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Greenwich today for all your housing and letting needs.