Lucy Morton, Director and Head of Agency at W.A.Ellis, part of the JLL Group, comments on the prime London lettings market:“The prime London lettings market has experienced a complete shift this month from a quiet lull before the election to a mass influx of new applicants registering since polling day. The mid-term break is normally a quiet period but this year we have seen a 20% increase in tenancies starting year on year with the seasonal student market in full swing and demand exceeding supply. However, when trying to secure accommodation for the start of the school year in September, few landlords will agree to their property sitting empty until then so it may be necessary for students to wait until July or August before starting their search, or take their chosen property now in order to secure it.
“Our market share in super prime continues to rise month by month with huge success in the super prime sector of the London lettings market recently; of note was a six bedroom house in Herbert Crescent with a guide price of £8,950 per week and a seven bedroom house in Justice Walk with a guide price of £8,500 per week. We have also launched a maisonette in Cleveland Square which is interior designed by Kelly Hoppen and which benefits from three bedrooms, a private entrance, communal gardens and a fabulous swimming pool. A further notable instruction is a stunning five bedroom house in Brompton Square with an asking price of £7,000 per week overlooking arguably one of London’s finest garden squares. We have two further houses with six bedrooms, each with a swimming pool, which will be launched on to the market in the coming months with guide prices of £17,000 per week and £30,000 per week.
“This time last year we informed you of Mayor of London Boris Johnson’s launch of the London Rental Standard (LRS). People differ in opinion as to whether this scheme has been a success or not, however, the Mayor’s office has pointed to figures showing 331 lettings agents managing an estimated 121,000 properties have already signed up. We fully support the initiative.”
W.A.Ellis is currently marketing a range of properties on the sales and lettings market. For further information, please call: 020 7306 1600 or visit www.waellis.com