We witness high activity in the property market both for sales and for lettings and believe that it will continue in the near future. This is a normal situation: after the winter lull, the market usually picks up steam by spring when both buyers and sellers rush to make a deal before the summer holidays.
In such an intense environment, clients begin to appreciate the service of property consultants even more. Unlike those who are using only portals for their search and do it on their own, our clients receive clear insider information from behind the scenes. In order to offer this, we have both professional skills and a wide network of contacts. We call agents and find out the real prices, opportunities for bargaining, the seller’s position and the space for negotiation. We source all properties, including those that are not on the open market. Agents usually disclose such information only to their fellow real estate professionals and are not ready to share it with applicants.
For lettings, we expect another hot season in the summer. If you plan to move or relocate to London by the beginning of the school year, start your search in June. The rental market is already busy. There are almost no three- or four-bedroom furnished apartments on the market now. They are being offered only unfurnished, even for a rather substantial budget. Many landlords do not want to sign a one year contract now. Instead, they are looking for tenants who are ready for a longer commitment of 2-3 years. And even such tenants are easy to find. Many of them are willing to take in a good-quality property and seek to fix the price for as long as possible, fearing future inflation. In the summer, the supply shortage will grow even more, and it will be even more difficult to find anything.
If you are already renting an apartment, then most likely this year you will face an increase in prices when renewing the contract. During the pandemic, many tenants managed to negotiate lower rental rates, but now the situation has changed. All landlords raise prices significantly. We advise our clients who find themselves in such a situation not to make emotional decisions. If you’re happy with the apartment and the area, try to negotiate the lowest price increase possible. Most likely, this will be a more beneficial solution than moving and renting a new apartment.
How events will develop in the UK property market – read in our next report in July.
Published 30 May 2022
Property market in the UK: spring overview
Record housing market growth: winter 21/22 and 2021 results