The market south of the river shows signs of improvement, although agents argue it is driven by a shortage of quality rentals property.
Demand is higher and corporate tenants are back after the uncertainties of the economy over the past 18 months, reports Christopher Carney from
Chesterton Humberts, Barnes.
“We are currently registering more families looking for houses in the area, mainly because of the good schools here,” he says. “A high number of executive tenants requiring two to three-bedroom apartments also are registering.”
2010 began well with a buoyant lettings market
across all price ranges, says his colleague Chris Firth in Chesterton Humberts’ Putney office.
“Predominantly, we are seeing high demand for large family houses and premium apartments from high calibre corporate tenants, either relocating from overseas or looking to upsize from smaller rental properties in the area.”
Stock levels have fallen by about 20 per cent in
Putney, due to the improved housing market
that has attracted a rush of sellers who were
temporarily renting their properties, points
out Amy Wang from Barnard Marcus.
She believes landlords have had a tough time over the last 18 months, “but those who have managed to hang on in the rentals market are now breathing a sigh of relief.
Due to the lack of stock, prices are rising slowly and the number of days properties are taking to let is shorter compared to the start of 2009.”
Putney has always enjoyed high demand from
professionals looking to rent. “Well-presented
properties in good condition and close to either
Putney station or East Putney tube are very
desirable,” Wang adds.
In particular, homes with three double bedrooms
are very hard to find. “Therefore, any three double bedroom properties that become available will let out extremely quickly and at good prices,” suggests Wang.