TOWER BRIDGE LETTINGS MARKET INSIGHT 2019...TOWER BRIDGE LETTINGS MARKET INSIGHT 2018 RESIDENTIAL...
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Westminster Bridge Waterloo Bridge Blackfriars Bridge Tower Bridge London Waterloo National Theatre Tate Modern The Shard London Bridge City Hall Shad Thames Borough Bermondsey Southwark London South Bank University Elephant and Castle Tower of London TOWER BRIDGE LETTINGS MARKET INSIGHT 2019 FIGURE 1 Weekly asking rents in Tower Bridge and surrounding area Year to January 2019, circles can denote multiple listings in the same postcode, in which case the highest value is displayed Source: Knight Frank Research / Rightmove Up to £450 £450 to £575 £575 to £675 £675 to £850 £850+ Tower Bridge Lettings Market Update Activity in the Tower Bridge lettings market has risen over the last year. The number of tenancies agreed in the year to February 2019 rose 25% compared to the previous 12-month period. Meanwhile, the number of new prospective tenants registering rose 20% and viewing levels increased by 13%. The number of lettings listings has risen marginally, which explains the limited 0.7% annual decline in rental values. Across prime central London, the trend for lower levels of supply due to higher landlord taxes has put upwards pressure on rental values. Jared Kilgarriff, Tower Bridge Lettings Head “Demand continues to outstrip supply for properties valued below £650 per week, which are typically studio and one-bedroom flats. Tenants are usually professionals and like the area for its proximity to London Bridge and Waterloo train stations, the river and Borough High Street. Some of the recent redevelopment in the area has enhanced its appeal as a residential address as well its culinary and cultural credentials. Properties with asking rents above £650 per week need to be well- priced to attract tenants to the area. Some UK tenants in the top rental bands prefer houses, although overseas tenants are more familiar with apartment living.” FIGURE 2 Tower Bridge fact sheet Population: 50,475 AGE OF HOUSING STOCK Pre-1900 1900-1939 1945-1972 1973-1999 2000-present 11% 10% 14% 29% 36% Source: Knight Frank Research NUMBER OF LISTINGS Year to January 2019 2,686 Year to January 2018 2,595 Year to January 2017 1,986 AVERAGE WEEKLY ASKING RENT Year to January 2019 £493 Year to January 2018 £464 Year to January 2017 £469 MAXIMUM WEEKLY ASKING RENT Year to January 2019 £3,900 Year to January 2018 £4,250 Year to January 2017 £2,750 STOCK BY PROPERTY TYPE Source: Knight Frank Research / Rightmove Flat Terraced Semi-detached 10% 1% 89%
Transcript of TOWER BRIDGE LETTINGS MARKET INSIGHT 2019...TOWER BRIDGE LETTINGS MARKET INSIGHT 2018 RESIDENTIAL...
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Westminster Bridge
Waterloo Bridge
Blackfriars Bridge
Tower Bridge
London Waterloo
National TheatreTate Modern
The Shard
London Bridge City Hall
Shad ThamesBorough
Bermondsey
Southwark
London South Bank University
Elephant and Castle
Tower of London
TOWER BRIDGE LETTINGS MARKET INSIGHT 2019
FIGURE 1 Weekly asking rents in Tower Bridge and surrounding area Year to January 2019, circles can denote multiple listings in the same postcode, in which case the highest value is displayed
Source: Knight Frank Research / Rightmove
Up to £450 £450 to £575 £575 to £675 £675 to £850 £850+
Tower Bridge Lettings Market Update Activity in the Tower Bridge lettings market has risen over the last year. The number of tenancies agreed in the year to February 2019 rose 25% compared to the previous 12-month period. Meanwhile, the number of new prospective tenants registering rose 20% and viewing levels increased by 13%. The number of lettings listings has risen marginally, which explains the limited 0.7% annual decline in rental values. Across prime central London, the trend for lower levels of supply due to higher landlord taxes has put upwards pressure on rental values.
Jared Kilgarriff, Tower Bridge Lettings Head “Demand continues to outstrip supply for properties valued below £650 per week, which are typically studio and one-bedroom flats. Tenants are usually professionals and like the area for its proximity to London Bridge and Waterloo train stations, the river and Borough High Street. Some of the recent redevelopment in the area has enhanced its appeal as a residential address as well its culinary and cultural credentials. Properties with asking rents above £650 per week need to be well-priced to attract tenants to the area. Some UK tenants in the top rental bands prefer houses, although overseas tenants are more familiar with apartment living.”
FIGURE 2
Tower Bridge fact sheet
Population: 50,475
AGE OF HOUSING STOCK
Pre-1900
1900-1939
1945-1972
1973-1999
2000-present
11%
10%
14%
29%
36%
Source: Knight Frank Research
NUMBER OF LISTINGSYear to January 2019 2,686 Year to January 2018 2,595 Year to January 2017 1,986
AVERAGE WEEKLY ASKING RENTYear to January 2019 £493 Year to January 2018 £464 Year to January 2017 £469 MAXIMUM WEEKLY ASKING RENTYear to January 2019 £3,900Year to January 2018 £4,250 Year to January 2017 £2,750
STOCK BY PROPERTY TYPE
Source: Knight Frank Research / Rightmove
Flat
Terraced
Semi-detached
10%
1%
89%
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TOWER BRIDGE LETTINGS MARKET INSIGHT 2018
RESIDENTIAL RESEARCH
Source: Knight Frank Research / Rightmove
FIGURE 5 Transaction volumes and lettings listing data in Tower Bridge
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£1,350 £2,500 £2,750 £3,450 £3,250 £2,000 £2,500 £1,750 £1,950 £2,750 £1,950 £3,850 £4,250 £3,800 £3,850 £2,850 £3,900 £2,450
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Total listings Average weekly asking rent Maximum weekly asking rent
Westminster Bridge
Waterloo Bridge
Blackfriars Bridge
Tower Bridge
London Waterloo
National TheatreTate Modern
The Shard
London Bridge City Hall
Shad ThamesBorough
Bermondsey
Southwark
London South Bank University
Elephant and Castle
Tower of London
FIGURE 3 Where is renting most prevalent in Tower Bridge and surrounding area? Number of listings, year to January 2019
Source: Knight Frank Research / Rightmove
FIGURE 4 Asking rent analysis by property type in Tower Bridge Year to January 2019
Source: Knight Frank Research / Rightmove
Lettings market breakdown by property type
Type Beds Average weekly asking rent
Studio 0 £350
Flat 1 £430
Flat 2 £528
Flat 3 £683
Type Beds Average weekly asking rent
House 2 £427
House 3 £561
House 4 £643
House 5 £808
3.9% 36.3% 44.2% 8.5%
0.0%1.1%1.6%2.1%
Important Notice © Knight Frank LLP 2018 - This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
Please get in touchIf you’re thinking of moving to or from Tower Bridge or would just like some property advice, please do get in touch, we’d love to help. Jared Kilgarriff Tower Bridge Lettings Manager +44 20 3837 1521 [email protected]
Under 15 16 to 30 31 to 50 51 to 75 75-plus
RESIDENTIAL RESEARCH
Tom Bill Head of London Residential Research +44 20 7861 1492 [email protected]
