The contrast couldnt be more stark. Earlier this year during the lockdown in the UK, Marylebone agents were full of rental stock, many reporting over a 100+ properties on their books and NO tenants. In March 2020, most of the affluent students (who make up a large precentage of the demographich) had returned to their home countries, universities were closed and the rent were being slashed by as much as 25%. Now, with the resumption of normality and international travel, there has been a surge of tenant enquiries and all that stock has now vanished. In fact most prosepctive tenants walking into our office now, have missed the boat, as there seems very little available for budgets, which in normal times would secure a very atrractive rental property in the heart of the village. Any one therefore thinking of renting their property, should not delay- the market is bouyant and we expect it to remain so for the forseeable future. However Landlords, take note that rental prices are still not back to their pre Pandemic levels- the average price per square foot for Marylebone for a flat is £46, still 10% below the £51 recorded in the third quarter of 2019. Therefore the take away from this is : be realistic with pricing, but right now any flat (being 94%of the Marylebone market) priced between £700 and £1000 per week is likely to be snapped up before we even get a chance to put it on any of the Platforoms such as Zoopla.
Faradays, as the only member of the Guild of Professional Estate Agents in Marylebone has been letting properties from its Blandford Street office for almost 25 years. The rental market is very different from when we started and we can advise Landlords on not only what they should be asking for rent but what they need to do in order to get their property fit for the market. EIRC's, EPC's, Gas Safety Certificates to name but a few. Why not give us a call on 02074875262 or email email@example.com