The lettings market has been rather slow in the Royal Borough of Chelsea and Westminster for the last couple of months whilst everyone seems to have been waiting in anticipation for the results of Brexit.
As you will all know, the decision has been announced to leave the European Union, and whilst everyone has their opinions as to whether this is right or wrong, it is vital that Landlords respond accordingly in line with how the market will fair. Whilst there has been no measurable change over the last couple of weeks, we do not foresee any dramatic transformation in the market in the following months. Transactions are still being agreed, but Landlord’s are having to be very realistic on their pricing to ensure they secure a Tenancy. We have noticed that in the area of SW10, SW3 and SW7, many Landlords are having to accept between a 10%-20% reduction in rent.
Summer has always historically been a busy time for the Lettings market and as we cannot really forecast a significant trend since the Brexit result, we are remaining positive that with Landlords being sensible with their market pricing and properties being presented to the best of their ability, hopefully many more tenancies will be successfully secured.