Winter 2011

home counties lettings INSIGHT
Knight Frank

Gordon Hood (Ascot), Amanda Driver (Cobham) and Elizabeth Hunt
(...
Winter 2011

home counties lettings INSIGHT
Knight Frank

Charting the market
Figure 5

Prime Lettings, last 12 months

Te...
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UK Home Counties Property Market Update

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Gordon Hood (Ascot), Amanda Driver (Cobham) and Elizabeth Hunt (Esher), discuss the Home Counties lettings market - who's looking, why they want to live here and what you can do to ensure that your property is let as quickly as possible, at the right rent.

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UK Home Counties Property Market Update

  1. 1. Winter 2011 home counties lettings INSIGHT Knight Frank Gordon Hood (Ascot), Amanda Driver (Cobham) and Elizabeth Hunt (Esher), discuss the Home Counties lettings market - who's looking, why they want to live here and what you can do to ensure that your property is let as quickly as possible, at the right rent. "The real benefit to this area is the speed and ease of the commute into London" Where do your tenants tend to come from? Dealing with the complete spectrum of the lettings market from modern apartments to large country houses, the type of tenants that we have dealings with are equally as broad. The areas we cover in Berkshire and Surrey are well placed to accommodate high end corporate tenants to single professional individuals or couples looking to rent out of central London. The real benefit to this area is the speed and ease of the commute into London and the frequency of the trains. In addition there is an abundance of good schools in the county that appeal to those tenants with children. What advice would you give to a landlord thinking about bringing their property to the market? Any Landlord thinking about coming to the lettings market should consult one of our Knight Frank lettings team, who can confidently advise them as to the marketing campaign that would be suitable for their property. A number of our clients - for a variety of reasons - choose to have a low-key, private campaign. However, most of our enquiries are from those searching online initially, so a full marketing campaign is imperative to ensure maximum exposure. Although the market remains active, price remains key. Potential tenants, and more importantly those agents searching on their behalf, are seeing a large assortment of property and doing their own research, so if a property is marketed at an optimistic price it will not receive the interest. As always, ensure that the property is well presented, that any defects are put right before viewing and that the property is presented in a clean order. How do you think the market will fare in the coming months? Although activity levels have reduced from the height of the summer, there continues to be strong demand for a variety of property, with an increased need for well presented apartments and houses with two or three bedrooms. A significant number of applicants that have registered within the last month have budgets under £3,000 per month, so properties within this price range are urgently required and should see good interest. However, there is also a good number of applicants viewing at the top end of the market with 22% of the last month’s viewings being of properties over £7,500 per month. We believe that this active market looks set to continue over the winter months and into the spring. Home Counties lettings market at a glance Figure 1 Figure 2 Figure 3 Last 3 months, year-on-year change New applicants, last 12 months New instructions, last 12 months Market activity Tenancies agreed 16% Prospective tenants registered 42% 11% 51% 15% Viewings What is coming to the market? 74% New property available What do our applicants want to spend? -6% Change in rents, last 3 months 3.6% 7% 16% 30% 20% 22% Under £2,500 £2,500 to £3,500 Under £2,500 £2,500 to £3,500 £3,500 to £4,500 over £4,500 £3,500 to £4,500 over £4,500 Page 1 of 2
  2. 2. Winter 2011 home counties lettings INSIGHT Knight Frank Charting the market Figure 5 Prime Lettings, last 12 months Tenants 2.0% 4.9% 3.6% 26.5% 1.4% 2.9% 10.7% 2.1% 0.6% 45.3% Prime London residential gross yields Quarterly, last 5 years (Dec 2005 = 100) 140 130 Quarterly, last 5 years 6% Prime Central London Prime Outer London Prime Surrey 5% 4% 120 3% 110 2% 100 1% 90 De c0 Ju 5 n0 De 6 c06 Ju n0 De 7 c07 Ju n0 De 8 c08 Ju n0 De 9 c09 Ju n10 World region Africa Asia Australasia Europe India Middle East North America Russia & CIS South America UK Figure 6 Prime residential rents, indexed 0% c05 Ju n06 De c06 Ju n0 De 7 c07 Ju n08 De c08 Ju n0 De 9 c09 Ju n10 Nationality of Knight Frank tenants De Figure 4 Lettings properties and the Knight Frank team Charming family home Central penthouse apartment To Let Let by 5 bed Asking rent: £5,995pcm 1 bed Asking rent: £1,195pcm Ascot, Berkshire Ascot, Berkshire Fabulous five bedroom house Brand new penthouse To LET TO LET 5 bed Asking rent: £6,500pcm 2 bed Asking rent: £2,200pcm Cobham, Surrey Cobham, Surrey Newly constructed family home Superb modern family home LET BY TO LET 5 bed Asking rent: £4,000pcm 4 bed Asking rent: £3,500pcm Claygate, Surrey Walton on Thames, Surrey Knight Frank Lettings Gordon Hood, Ascot: 01344 299 399 Amanda Driver, Cobham: 01932 591 606 Elizabeth Hunt, Esher: 01372 464 009 KnightFrank.co.uk/Lettings Gordon Hood Amanda Driver Elizabeth Hunt Head of Ascot Lettings Head of Cobham Lettings Head of Esher Lettings If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, liam.bailey@knightfrank.com © Knight Frank LLP 2009 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN Page 2 of 2

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