The Richmond Magazine - October 2011
Property Section
There's a good harvest for investors this autumn. And Richmond has some of the best pickings. Jane Wheeler, Manager of Fitz-Gibbon Richmond, gathers her thoughts.
As we enter the final quarter of 2011, the lettings market is busy and we're seeing significant growth in buy-to-let too.
Following a slight dip during the credit crunch, global investors are now targeting their investment upon Richmond once again, thanks in large measure to its prime riverside location and superior transport links.
Here at Fitz-Gibbon, we are currently assisting British buy-to-let landlords and volumes of international investors, from as far away as Australian and Hong Kong. Most employ a long-term lettings strategy and have chosen Fitz-Gibbon because we offer a specialist acquisitions service.
There are a number of aspects to this. Not only do we provide accurate valuations and projections for the sales properties sourced by investors, but we regularly source investment opportunities too, find the right properties to maximise returns and expand portfolios for our landlords. We then let and manage these properties for investors right across the globe.
In the current market, one-bedroom properties are achieving between £1,300 and £1,600 per calendar month, while two-bedroom homes are valued at between £1,500 and £2,500 per month.
In Richmond and surrounds, the specification and location of each property has a significant impact on its rental price, as the area is unique. Aside from it proximity to the Thames - homes with riverside views typically command higher rental values - its boasts superb rail, road and London Underground links.
Three-bedroom properties currently start at £2,000 per month, but exceptional properties of this size can achieve up to and above £3,500 per month.
Meanwhile, outstanding four-bedroom properties can sometimes reach figures in excess of £6,000 per month, but more typically let for between £3,500 and £5,000 per month.
As for homes with five or more bedrooms, these are achieving up to £7,500 per month. However, exceptional examples can do better still, generating £10,000 per month or more.
In the autumn market, we are continuing to see steady demand from local and corporate tenants seeking a wide range of property. Furthermore, our existing tenants are happy to renew tenancies in line with the retail price index, at 5.2%. Film industry members are much in evidence too, and we are frequently asked to find quality short and long lets for A-listers and crew working in the area.
Relocation agents are also exceptionally busy finding homes for key personnel from the area's blue chip and corporate companies. For while there was the traditional sustained demand from local tenants throughout the summer months, the corporate market wrapped up early this year, so we're now expecting a steady stream of demand over the next few months, with a surge or corporate activity during half-term.
Fitz-Gibbon Richmond
128 Sheen Road, Richmond, Surrey TW9 1UR
Tel: (020) 8940 9920
richmond@fitzgibbon.co.uk