>Lettings Market Overview

What a year it was been for the lettings market back in January it was very much a market for tenants in (Q1) stock levels were high, and the country was experiencing its third lockdown which caused rents to fall 10-15% from the pre pandemic highs in the Wandsworth rental market.

By the second quarter - spring time- (Q2) rent falls stabilised a sure sign that the economy was recovering, and we were beginning to see some light at the end of the tunnel as restrictions from a third lockdown were starting to ease. The government addressed unemployment issue(s) by extending furlough schemes and provided government backed loans for businesses. The ramifications or knock-on effects of a third lockdown did not hit the rental market in Wandsworth as much as it did during the first one.

In the third quarter - summer time- (Q3) rents in Wandsworth started to recover which was the busiest spell for us. Everything we were re-letting or any new let that came onto the market we managed to achieve more rent for our core clients and new landlords. The rent increases were between 3.4% and as high as 8% for those properties with outside space.

By the fourth quarter - autumn period - (Q4) this was an even more crazy period where rents were off the charts, we were getting 4 or 5 offers on a property at full asking price and above, tenants were happy to offer above asking price to secure a property. This is akin to a buoyant sales market, which the letting side does not get to experience too often. In addition, the rental increases were higher than previous quarter from 6.38% to 9.37%. And most Landlords were delighted to see that they were achieving more rent than before the pandemic.

The rent increases are in part due to the government over legislating landlords who in turn have had to pay for the spiralling costs plus many have exited the buy to let market causing a supply shortage.

It looks as though demand will remain strong in the new year. And we are always looking to welcome new landlords looking to let their properties. If you do have a property in the area, why not give us a call? We may pleasantly surprise you with the rent your buy-to-let would achieve in today’s market.

See how much your property is worth in todays market.

If you would like to get a valuation on your property either for sale or for rent then click the link fill in the form and we will be in touch.