At Harrods Estates according to Lonres data and our reports we have had an overall 50 percent increase in market share. In one of our main areas of operation – Knightsbridge, we have also seen a staggering 78 percent increase in lettings transactions over the past 12 months, putting us as the go-to agency for prime central London lettings. Interestingly, the data also shows that tenants are now more likely than ever to renew their tenancies rather than move home with a 10 percent rise in renewals from the previous year.
At the luxury development 199 Knightsbridge we have let 50 percent of the available apartments in the last 6 months, according to Lonres data. In the prime postcodes of SW3 and SW7, covered by the Knightsbridge branch, we were responsible for 30 percent of the three-bedroom properties let in the price bracket of £3,000 - £4,500 per week in the last 2 years, with the next closest agent letting 18 percent of the stock. It is extremely exciting for us to see how Harrods Estates holds an extensive proportion of the market share in this particular bracket.
The boost in residential lettings has also impacted prices positively, with several short lets (between five weeks and three months) attracting high rents ranging from £10,000 to £17,000 per week, with long lets achieving an average of £2,400 per week. Our Mayfair office has let 60 percent of all available units in Park House Apartments, one of the most popular buildings in the area. Prices are averaging £2,792 per week with some penthouses currently being marketed from £5,800 per week.
Sarah McIntyre, Lettings Director at Harrods Estates comments:“These statistics continue to demonstrate people are veering towards renting rather than buying – which has been affected largely by political uncertainty and high stamp duty charges. We saw 78 percent more transactions in 2018 compared to the same period in 2017; the highest spike showing through the summer months from May to September.”
Sarah adds: “One of our clients paid 10 percent over the asking price for a duplex apartment in SW1X, further demonstrating that rental demand is at a high in Prime Central London for the ‘right’ property. It is particularly prominent for newly refurbished and best in class properties.”
We have also noticed an attractive new trend for our clients offering properties on a ‘try before you buy’ basis. One client is selling Hans Road, a selection of three ‘turn-key’, three-bedroom apartments with prices starting from £7,750,000 and £3,500 per week respectively for sales and lettings. This gives the option for someone to rent the property initially to see if it fulfils their needs, with the option to buy later. The apartments range from 1,700 – 1,840 sq. ft. and include bespoke furnishings and full interior-design from Todhunter Earle. A continuous feeling of luxury, flow and warmth run through the apartments with period elegance and all the conveniences of modern technology, lift access and contemporary design expected from luxury prime London property.
Wilton Place is a well-located property on the market for £6,000 per week as well as having a guide price of £12,950,000. It is a beautiful five-bedroom Georgian townhouse in the sought-after location of Belgravia, situated at the Southern end of the street and enjoys the highly desirable outlook along Wilton Crescent. The property provides a chance to experience living in this beautiful home before committing to a purchase. Particular features and benefits include the first-floor drawing room which opens to a charming west-facing terrace and the superb open-plan kitchen / family room with delightful patio on the lower ground floor.
For further information please contact Harrods Estates on Tel:020 7409 9001 or visit www.harrodsestates.com