The Negotiator

Thu 17 Jan 2013

This will be an incredibly positive year and we've hit the ground running; there is strong demand for property and the buy to let market is busy. Residents are upbeat about the Olympics and, as Susan Fitz-Gibbon prepares to become President of ARLA (Association of Residential Lettings Agents) in 2012, landlords are delighted that ARLA will continue developing and delivering the ethical and professional practices the public wants - from safety legislation to client money protection and staff training for member agents. Fitz-Gibbon follows Knight Frank and Savills' Executives in the Residency role.

Meanwhile, we're seeing a fantastic response to our online Olympic information and articles. Local residents are keen to become Olympic landlords and we're taking on new instructions daily. Olympic values range from £1,300 per week for a one bedroom property in Spencer Road to £5,000 a week for a four bedroom house. We expect to receive enquiries from visitors and tenants from March.

In the current market, lettings values are solid and we have a good selection of one and two bedroom properties. Well located one bedroom homes are achieving £350 per week and tenants can secure a two bedroom property in outer lying areas for the same value. Those in prime positions generate between £400 and £500 per week, and four or five bedroom homes are valued from £850 per week in locations like Grove Park. Nearer the High Street this value is typically nearer £1,250 per week.

We continue to see increases in renewal values and are achieving the full asking prices of quality properties across the area. We've most recently let one property in Burlington Gardens within 24 hours of commencing marketing and a five bedroom house in Binden Road on its first viewing.

The corporate market seeks a wide range of properties and indeed we've just let a two bedroom flat and a five bedroom house to corporate tenants. In 2012 we expect significant corporate movement from March and continue to forge strong relationships with global companies and relocation agents.

More generally, as longevity in renting has become a permanent fixture in the UK, we increasingly see landlords helping tenants stay longer and families requiring longer tenancies of up to five years for added security.

To finish this month, Susan Fitz-Gibbon adds: "Standard Assured Shorthold Tenancy Agreements don't accommodate the needs of all modern tenants. Agents and government need to reform current lettings policies and increase the scope of tenancy agreements as well as increasing the supply and type of rental properties available to ensure the on-going evolution of this industry."

Contact Jane Wheeler for the Richmond Office 020 8940 9920 Katie White for the St Margarets Office 020 8892 8921 Aimee Bruce for the Chiswick Office 020 8995 3335 (which also covers Kensington, Fulham and the surrounding areas)