Renters increasingly look to Hammersmith and Fulham
London renters are increasingly looking to Hammersmith and Fulham, where rental enquiries have surged by 67% from last year, research from proptech lettings service Home Made has found.
Other areas with strong demand, based on the total number of enquiries per property, are Ealing (2nd), Camden (3rd), Kensington & Chelsea (4th) and Tower Hamlets (5th).
The data reveals declining interest in some outer boroughs such as Richmond, which Home Made is likely a consequence of white-collar workers leaving London altogether.
Meanwhile interest in properties in premium areas like Kensington & Chelsea and Camden has recovered somewhat following a difficult period in 2019 – when many EU nationals are likely to have left due to Brexit.
Asaf Navot, chief executive and founder of Home Made, Asaf Navot, said: “COVID is radically reshaping the London rental market, creating opportunities and challenges for landlords as they scramble to adapt. Whilst it remains to be seen how permanent these changes are, what matters now is managing the near term.
“For those landlords experiencing a fall in demand, my advice would be to protect yourself by acting fast. If you have renters already in your property, or viewings that have gone well, offer them a longer-term tenancy ahead of any further lockdown measures – local or national – that may be brought in.
“Landlords can also choose to prioritise long-term income over short-term gain by offering rent reductions for lengthier contracts, guaranteeing greater financial certainty for both landlords and renters.”