With residential sales continuing to slow on the London property market, Hurford Salvi Carr, specialist London estate agent has seen a 5.5% increase in the number of transactions in lettings compared to the first quarter of 2007, a fact that is supported by the successful lettings of numerous apartments in two particular developments over the course of April/May.
Westland Place, N1 and Bow Quarter, E14, have proved exceptionally popular with London’s twenty and thirty something professional Tenants who demand high standards of interior decor, great locations and reasonable rents. All apartments within these particular blocks were snapped up within four weeks of coming to the market. Hurford Salvi Carr believes these particular properties let so fast due to an increase of people looking to rent because of the housing market slump.
Westland Place, N1 is a prime example of the emerging quality boutique developments in the Shoreditch area. Situated just moments away from fashionable Hoxton Square and opposite Jamie Oliver’s Fifteen restaurant featured in the TV show, Jamie’s Kitchen, the development features just 13 two and three bedroom apartments comprising reception rooms with smart open plan kitchens, wooden floors throughout and large double bedrooms in all apartments. There is an ever-growing artist community in the area making it rich with culture, yet within walking distance of the financial centre of the City and moments from Old Street and Hoxton Square
The Bow Quarter Property is a Grade II Listed development spread over seven acres and consists of 19 town houses and 714 apartments. The development is set around one of London's largest communal gardens, and part of the residential blocks are conversions of the famous and former Bryant & May match factory. The secret to the success of Bow Quarter are the exceptional facilities including full use of the pool, residents own gym, access to the onsite restaurant and bar, full peace of mind of the 24 hour gated security that keeps the development completely secure. This, coupled with the attractive rental prices considering all the extras on offer, is why apartments in Bow Quarter always attract professional Tenants very quickly, and Hurford Salvi Carr have secured excellent Tenants immediately for numerous Landlords over the past month alone.
Kari Trajer, Associate Director of Lettings at Hurford Salvi Carr comments: “Westland Place and Bow Quarter have proven a popular with young professionals as they offer excellent access to the city but also offer great facilities on the doorstep.”
The above developments are just two examples of the trend of increased residential lettings transactions in the marketplace since the start of the year. Now the current market conditions have hit consumer confidence in the residential sales market, potential purchasers are changing their attitudes toward attempting to get onto the first rung of the property ladder and are choosing to rent for the longer term instead. As a result, the lettings market in London is coming increasingly in-line with other European cities such as Paris and Rome where the majority of residential property in the city centre is rented on long-term tenancy agreements.
For further information about the remaining properties at Westland Place or Bow Quarter please contact Kari Trajer on 020 7490 1122 or visit www.hurford-salvi-carr.co.uk |