Forest Hill Lettings Overview: July 2020
15th July 2020 posted in Home Lifestyle
At Hunters Forest Hill, we aim to provide assistance, insight and useful information to all our clients. As well as the property market in Forest Hill, we are pleased to say we serve the lettings market in the local area. Whether you are a landlord, tenant, investor or interested party, if you want to stay in touch with the local lettings market, we are here to help.
This is our Forest Hill lettings overview as of July 2020.
In the past 12 months, the average rent achieved for Forest Hill rental properties was £1,345 per calendar month. Interestingly, this figure represents no change in the rental fee for the previous 12 months. Given the impact of the COVID-19 pandemic on the 2020 lettings market, many people expect to see a change when we look back in 12 months.
The majority of rental properties let in Forest Hill in the past 12 months are flats, covering 68% of the local lettings market. The average rental value of flats in Forest Hill is £1,264 per month. For houses, the average rent in this time frame was £1,969 per month.
The most predominant age group for tenants in Forest Hill is people aged between 18 and 29, which covered 59% of the rental market. The average age of tenants is 30 years old.
Average rental price of Forest Hill property in the past 12 months
The average rental price of flats in Forest Hill, between July 2019 and June 2020 was £1,264 while for the Greater London area, the average rent was £1,576. For terraced properties, the average rental price in Forest Hill was £2,104, and for Greater London, the average rent was £1,898.
When it comes to semi-detached properties, the average rental price in Forest Hill was £1,434, and the Greater London average rental price was £1,709. For detached properties, the average rental price in Forest was £1,845, while in the Greater London area, the average rental price for detached properties was £1,923. All prices stated are per calendar month.
It is likely landlords and tenants have questions regarding the average rental price for terraced properties and semi-detached properties in Forest Hill for this time-frame. Terraced properties carry a larger average price than semi-detached and detached properties, while the average rental price for semi-detached prices is markedly low.
It should be noted that the number of bedrooms for these properties will likely influence the price. All it takes is a couple of outliers to shift the average price.
This information can be seen in the table below.
If you are more interested in the figures for 2020 so far, we also have them for you.
The average rental price of flats in Forest Hill, between January 2020 and June 2020 was £1,226 while for the Greater London area, the average rent was £1,577. These are very similar to the figures for the past 12 months, indicating some consistency in the market for flats in Forest Hill.
For terraced properties, the average rental price in Forest Hill was £2,469, and for Greater London, the average rent was £1,8940.
When it comes to semi-detached properties, the average rental price in Forest Hill was £2,400, and the Greater London average rental price was £1,662. For detached properties, there have been no lettings in Forest Hill this year, and for Greater London, the average rental price for detached properties was £1,923. All prices stated are per calendar month.
Age profile of tenants in Forest Hill and London
Again, whether you are a landlord, a prospective landlord or tenant in Forest Hill, there is a lot to be said for knowing who the tenants are in the area. If you plan to let property in the area, it makes sense to develop an understanding of who the tenants are, as this will assist you in the marketing process.
If you are a tenant, knowing who the other tenants are will help you make an informed decision regarding the area. If you are concerned about fitting in to an area, looking at the average age of tenants is a sensible starting point. If there is a sizable proportion of people the same age as you, there is a strong chance there will be facilities and amenities on offer which are right for you.
For both Forest Hill and the Greater London area, the most significant proportion of tenants are in the 18 to 29 age group. In Forest Hill, this accounts for 59.4% of the rental market and in Greater London, 55.3% of the market.
For the age group between 30 and 39, the Forest Hill proportion in this category accounts for 26.7% of the lettings market and for Greater London, it’s 27.6%. When it comes to people aged between 40 and 49, Forest Hill has 11.1% in this group, while in Greater London, the figure is 10.6%
For the age group between 50 and 59, 2.8% of Forest Hill’s population falls here and 4.6% of the Greater London sector. According to Dataloft statistics, no tenants in Forest Hill are aged 60 or over, but in Greater London, this age group accounts for 1.8% of the market.
This information can be seen in the charts below.
We know there are many reasons why tenants move home, and a lot of these reasons might have arisen during lockdown. If you are a tenant looking to find new rental property in Forest Hill, or you are a landlord looking to let in this area, you have chosen a vibrant and exciting part of the capital. Whatever you want or need to know about the Forest Hill rental market, we are here to help.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.