New stock eases pressure on Fulham rental market

We continue to see high demand for rental properties in London, outstripping supply in some areas and well presented, accurately priced properties are generally letting within a week. But with the rental market now stabilising after the frenetic activity of the post-Covid years, when demand soared as the world returned to normal, we are now seeing a more balanced picture.

The shortage of rental properties has been a key factor in historically high rents over the last three years, but with new property completions already rolling out in the first quarter of 2024, most notably in London’s outer prime zones, many of these property developments are already seeing improved stock levels which is easing pressure on London’s renters.

According to Zoopla, London’s average rent is now £2,119 for new lets (almost double the UK average of £1,220) but growth slowed in the last year and now stands at 6.4%, down from 16.1% a year ago. This is consistent with what we are seeing across our central and West London branches with very high tenancy renewals and more modest rent increases, in line with inflation.

Chelsea Creek – a Fulham rental hotspot

Quality accommodation near great amenities and a scenic riverside location is a winning combination which continues to attract top tenants and we are pleased to report that we are continuing to achieve excellent rents for our landlords at Chelsea Creek, a Berkeley development next door to Imperial Wharf.

Although there is more movement of stock now, we are still seeing very high tenancy renewals at Chelsea Creek and could really do with more 1 and 2 bed units to meet current demand. At present, enquiries for 2 bed units with a parking space are up 11% compared to quarter-4 2024, and demand for apartments with a river view are still the most requested, achieving as you would expect, the higher rents.

We are looking forward to the next building release at Chelsea Creek which will have a larger gym and new facilities including a cinema, roof top terrace and lounge area, all of which offer fantastic value and attract top quality renters.

Properties that are furnished by us, on behalf of investors, are letting very quickly, and top of the tenant wish-list at present is a table and chairs for the balcony space, just in time for the Summer. Please do talk to us if you need furnishings for your rental property, you might be surprised at how getting everything needed from one place, can save you time and money.

Having a branch on the spot at Imperial Wharf puts us in a great position to assist landlords and investors at Chelsea Creek and we would welcome contact from anyone who maybe completing on a property soon and in need of an experienced local agent.