At Hunters Forest Hill, we are keen to provide you with the guidance and information you need in the local property and rental market. We work closely with local landlords and tenants, and we appreciate these have been challenging times of late.
We know tenant demand has been influenced by the COVID-19 pandemic, and we want to ensure everyone stays up to date with how the market is evolving. Not only do we work closely with landlords and tenants in the local area, we stay abreast of studies and research regarding the market. There has been a study examining tenant demand in London, and we are keen to share this information with you.
What is desirable in the London rental market?
Research undertaken by Spotahome has revealed the most highly desired property features in the London rental market. Tenants in the capital have placed parking space or a garage as the most important feature when they look for rental property.
Spotahome reviewed seven key features in tenant demand for London rental property. The analysis then ranked these features, reviewing the number of rental property that have been claimed by tenants as a percentage of the complete rental stock.
As with many market examinations of this nature, it is hardly a fool-proof method, but it provides some interesting talking points.
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 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.
· A balcony was the leading feature in the following boroughs, Westminster, Bexley, Havering, Tower Hamlets, Redbridge, Bromley and the City of London.
· 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.
Gardens are desirable in the borough of Lewisham
As you know, Forest Hill is located in the London borough of Lewisham, where a garden is the most desirable feature for tenants. Given the impact of the COVID-19 pandemic, it is no surprise there is significant demand for garden space. This has been borne out by other research carried out on behalf of leading property portals in the UK.
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.”
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.