Chelsea’s Summer Rental Boom Arrives Early

Leading independent estate agent Russell Simpson has reported the early arrival of the annual Chelsea summer lettings boom. Traditionally the busiest period for agents and landlords alike, the summer surge traditionally begins late May and lasts until July; however, activity in recent weeks suggests the upsurge has arrived sooner than expected, with activity up on last year by 60%.

Established in 1979, family-run agency Russell Simpson have already met 25% of this year’s target, despite being only two months into the financial year. The lettings team, which deals with some of London’s most exclusive properties, with stock spreading from Chelsea to Mayfair, Knightsbridge, South Kensington, Paddington and more recently, Bloomsbury.

Charlie Woods, Director of Lettings at Russell Simpson, comments; “We’re already seeing a wave of interest before the big summer rush. The big fish come out in May-June, then go off on their holidays and come back in time for the start of term in September. This year however, with Brexit approaching, tenants are getting ahead and making sure they have thier long-term rental sorted before all the prime stock is snapped up.”

“Noone knows which way Brexit is going to tilt, so many people are renting for a year or two until things become clearer. Instead of committing and putting their house up for sale, some vendors are carrying out any necessary refurbishment works then putting their home on the rental market. In this doing, they’re making sure they’re in the best position when we come out the other side.”

This Brexit caution has been two-fold: it has produced not only an increase in lettings applicants but has released a surge of properties onto the market.  Russell Simpson’s rental portfolio has doubled since February 2016, with this recent activity helping to deliver an all-time high for the business.

Charlie adds; “The process of letting out a prized asset can be stressful, and I think our personal approach really resonates with landlords. Unlike many larger agents in the area, landlords will deal with one member of our team during the entire lettings process; from the initial meeting, paperwork and viewings through to placing a tenant. For first-time landlords especially, the process can be daunting, so having an agent who can hold your hand each step of the way can be a huge bonus.”

 Despite the current political landscape, London is still seen as the gold standard for property and continues to draw in significant interest from international investors. The current demand for prime and super-prime rentals in particular is flourishing, with Russell Simpson agreeing deals at £9,000 per week and £5,500 per week in the last week alone.

Charlie adds; “The recent increase in rental activity and number of prime deals is a sure sign that London is still king of the global property market. The “try before you buy” aspect of renting continues to be a big draw for families in the area, and we are expecting current conditions to continue right through to September.”

For more information on Russell Simpson’s rental offering, contact them on 020 7225 0277 / www.russellsimpson.co.uk