Tenant Demand In The Capital
18th August 2020 posted in Sellers Buyers Landlords Tenants
Hunters Camberwell is committed to ensuring all our customers remain up to date with what is happening in the local market, even during these challenging times. It is fair to say the COVID-19 pandemic has changed what people want from the market, and this is the case for tenants as much as it is for buyers.
We work closely with tenants and landlords in Camberwell, and we want to ensure you make informed decisions in the local market. This is why we listen to your needs, and why we share studies and research into what tenants are looking for.
What do tenants want in London?
Spotahome has carried out research on what constitutes the most desirable features in London’s rental market. According to tenants in the capital, a garage or parking space is the most desirable factor.
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.
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 are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.