Wandsworth Rental Market Q2 24
Renting out your property in Wandsworth is the easy part!!
Renting out your property in Wandsworth is the easy part, but we all know there is more to it than that. Although the Wandsworth lettings market is strong in terms of finding tenants quickly due to the demand/supply imbalance, it is also proving to be the toughest time for landlords and tenants alike. Landlords are selling up in record numbers this is backed up by the number of enquiries we get from tenants who are moving. The trend is set to continue and this is not helping tenants either because rents are increasing.
The Average Rent In Wandsworth & London
The average rent now in Wandsworth is approximately £2,398.00pcm it has gone up over the last year from April 23 to 24 to around 5.1%. The average rent in London has increased in recent months it was £2,081 in Jan 24 in April it was £2,167. From March to April 24 rents increased to 3.1% which is the highest monthly increase since Aug 21.
The average change in London is 8.1% from April 23 v Apr 24 although rents have cooled down they are still rising. The cost of living crisis has not been easy for some landlords who have had to juggle increases in mortgage rates against the rent they're achieving - and this is in spite of the fact that rents are at an all-time high. Some landlords have resorted to the short term let market in Wandsworth as a favourable way to improve the profit margins.
Offers made in the Wandsworth rental market
What we are finding now in the Wandsworth rental market is that offers are more common whereas last two years we would get offers above asking price. This year we have seen more offers against the asking price which on average is between 4 to 4.5%. Price sensitivity for the tenant is key when renting out your property in the Wandsworth rental market and it would help in renting out your property in next to no-time by not overpricing it.
More properties coming onto the market
What ties in with more offers is the fact that we are seeing more properties coming onto the market since April 24, compared to April 23 other agents are also reporting an increase in supply. Most tenants looking to rent in Wandsworth are the sharers market, couples and small families complete our rental stock. All the tenant types on our full management portfolio are rented out to professionals. And the biggest increase in rental values, in the Wandsworth rental market, are one bed flats which have increased on average at 10% from April 23 to April 24 or from £1589.00 to £1689.00.
Find out how we can help you
You can find out more about how we can help you rent your property in Wandsworth & SW London. We cover a wide area including parts of Lambeth, Merton, Croydon & Sutton.
Table below shows % annual change (from Apr-23 to 24) and average rents in the areas covered.
Lambeth +15.00% £2,814
Wandsworth +5.0% £2,398
Merton +5.0% £1,854
Croydon +11.1% £1,566
*Please note: Merton includes Kingston & Sutton Borough:
How much should you rent your property?
You may have your own unique reasons as to why you would like to rent out your property. It could be a job relocation, you maybe unhappy about the level of service provided by your current agent? Maybe you would like to buy and let your current property out, but are not quite sure?
Whatever the reason, why not Get in touch as we may be able to help you point you in the right direction, providing you with the stepping stones toward making the right decision for you.
You can also call Matt on 020 8870 5800 for an informal chat!