Despite ongoing uncertainty surrounding the Brexit vote, Britain’s housing and economy markets have showed resilience.
Residential property price growth has slowed slightly, but former Chancellor George Osborne’s predictions of a fully blown crash have failed to materialise.
Lack of panic
There has also been a lack of panic amongst investment buyers looking to get rid of their properties, with stagnation continuing in the market.
Marc von Grundherr, Lettings Director at Benham & Reeves Residential Lettings, noted: ‘Rents have flat-lined across most of the capital. We are advising all our landlords not to ask for rental increases and if the tenant has been particular good then to even consider a slight decrease or some works to retain them and avert any void.’
According to Benham & Reeves Residential Lettings, tenants are readily agreeing renewals.
Housing market stays steady post-Brexit
Most noticeably, rent prices in prime central London have slipped for the second successive quarter. There has been an oversupply in rental properties in Belgravia, Chelsea and Knightsbridge, which is having a negative impact on rental values in the area.
von Grundherr continued by saying: ‘Prime central London arguably has the best value properties in the capital at the moment. And transformed pockets of North West London such as Colindale continue to offer excellent returns for investors who go in there early.’
‘If you look at most of the Heat Map, rents have stayed the same over the past quarter. We’re in a period of uncertainty and fortunately, our landlords are listening to our advice when we tell them not to be greedy and simply value the tenants they have,’ he added.