Lack of stock keeps the winter Lettings market and prices buoyant in E14 and SE1.
The early days of winter usually lead to a steep decline in Lettings enquiries as Christmas and New Year approach and it’s only bargain hunting tenants braving the cold weather and dark nights in search of a new home. This has resulted in many landlords and good letting agents agreeing deals and contracts which insure properties will not become available within the months of November, December and early January therefore, avoiding the chance of having to accept a below market rent or a long void period because of the seasonal low. This winter has however, started a little differently. The continued high demand, high renewal numbers and low stock levels that permeated the rest of the year have resulted in a high number of tenants still looking for a new homes with many still stuck in short term accommodation. The regular cooling in prices is yet to kick in, if at all, and any apartment coming to the market is still oversubscribed many times over. Our Canary Wharf team have found this on many occasions including when marketing a brand new one bedroom apartment in Baltimore Wharf, E14. This stunning dockside apartment was let by us within 1 day of marketing at a whopping £445 per week and also when marketing a new instruction in Canary Central, E14, our Canary Wharf team managed to secure five offers within 48 hours with two of them being above the asking price. In the end, the apartment went to a corporate tenant after sealed bids. With stock levels looking set to remain low due to a high number of tenants opting to renew on a long term basis and with many looking even further to avoid being made homeless during the Olympic period, it looks as though the seasonal drop in enquiries that is bound to come in December will not lead to the usual lull in prices and if anything, we feel that prices could continue to rise. If you would like to see how Madley Property Services could help you let your apartment in SE1, please contact us now. Madley Property are a specialist letting agent and estate agent located in London Bridge SE1 and are currently dealing with letting and management of apartments in SE1, SE16, E14, E1, SW8 and SW11.