The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that tenant demand is returning to the capital and the pandemic slump in rental prices is also starting to reverse.
Benham & Reeves, one of the capital’s largest letting agencies, is reporting phenomenal growth compared to previously ‘normal’ levels.
Benham & Reeves has offices in China, Hong Kong, Malaysia, India and Singapore and Director Marc von Grundherr says that the return of students from overseas saw enquiry levels soar in Q3 2021.
He cites Benham’s presence and brand awareness in far east markets as the reason why his agency is bucking the rental trend and as the reason that it is attracting more than their fair share of student tenants.
During the third quarter of this year, Benham and Reeves saw: –
– A 67% increase in the volume of properties let to tenants compared to 2020
– A 22.7% increase versus the pre-pandemic levels of 2019
– Re-let rental prices achieved by landlords are now 10% to 20% higher than they were prior to the pandemic.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Our lead levels and volume of rental transactions were up by a phenomenal amount in the last quarter but not just versus 2020, an odd year for obvious reasons, but on the same period in 2019.
It seems that overseas students are piling back into the London rental market via our offices having been forced to stay away for 18 months and this has led to our best quarter’s performance ever.
More importantly, re-let rental prices for our landlord clients are between 10% and 20% higher than pre-pandemic levels too and so the requirement to slash rental expectations simply to secure a tenant is no longer.”
Benham and Reeves’ 18 London offices employ over 200 staff and who speak a total of 18 languages including Mandarin, Hindi, Cantonese, Russian, Arabic and Japanese. Benham’s Japanese desk is particularly busy currently having grown by 85% year on year.
It’s this international expertise and culture that cements Benham & Reeves as London’s favourite letting and estate agent for overseas tenants, landlords and property buyers.
