Top tips for navigating London’s rental market this autumn

Tips for landlords

Getting the price right: Rental values in outer prime London and prime central London have continued to show signs of growth over the last year, with values up 2.5% and 1.1% respectively. However, the market remains price sensitive – something landlords will need to bear in mind when bringing their property to the market. Launching at the right price will help generate early interest, encouraging viewings and, in some cases, best and final bids.

Be realistic with offers: The strongest offers will often be presented at the beginning of the marketing period. Holding out for too long in the hope of achieving a higher rent can backfire as prospective tenants may continue their search elsewhere, particularly if they are needs-based. Landlords who choose to decline initial offers may run the risk of their property sitting on the market for a prolonged period of time. Savvy tenants may then use this to make low offers.

Presentation matters: Turnkey homes continue to achieve the best rental prices and most competition. Increasingly, tenants are prioritising quality and amenities over location, so presentation should not be overlooked. First impressions really do count, and so a well-styled, well-maintained property is more likely to let quickly and at a strong price.

Be flexible: Being flexible can pay dividends when it comes to securing the right tenant. This can be as simple as being accommodating with viewings, tenancy length and move in dates. Gestures of goodwill, such as refreshing soft furnishings or buying new appliances, may also get a deal over the line.

Tips for tenants

Nail your criteria: Determining your budget, tenancy length, and other non-negotiables, such as the number of bedrooms or parking, will help both you and the agent when it comes to finding your next home. Being indecisive may become a hindrance or mean that you miss out.

Decision making: Acting swiftly and with confidence will help put you in a good position when looking for your next rental, especially if there is strong competition or it’s in a prime location. Some properties receive multiple bids within 24 hours of coming to the market. Others don’t even reach the market before they are let. So act quickly and decisively. If you can move into the property quickly, that will make your offer more attractive as it minimises the landlord’s void period.

Put your best offer forward: Gone are the days of drawn-out negotiations. Landlords expect serious offers up front. Starting too low can mean losing out altogether, and in some cases, applicants now need to go above the asking price to secure a property. Put your strongest bid forward from the outset to maximise your chances.

Further information

Contact Alex Shoolman