Lettings Market update Q1 2023

Foxtons revenues rose 10% thanks to its lettings business in Q1 thus further confirming the strength and confidence of the lettings market here in London. According to reports from Knight Frank, Savills and JLL earlier this year they all predict rental prices will continue to increase on average by as much as 5% in London in 2023.

This is due to a massive lack of new rental stock. Tenants are staying longer (average tenancy in London is approaching 2 years), private landlords are off-loading some or all their portfolio due to high taxes and finally not enough homes are being built to keep up with demand.

Zoopla also stated recently that 64% of private landlords have not used an agent in the last 2 years which is a disappointing statistic because many are still not achieving market rent. With the rental market as hot as it is, now has never been a better time to achieve stronger yields and being a landlord.

Here at Chesterfield Gordon we have helped some of these landlords who were self managing their properties and were gobsmacked at the rents our lettings team achieved for their properties. One landlady “nearly fell off her chair” when we secured a 38% rent increase for her property in Morden!
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Please get in touch if you have a property or a property portfolio that you would like us to advise on how to get the most value from, we are always happy to help.

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