London agency says it's seeing competitive bids over best new-build lets

The JLL lettings team says it is now seeing competitive bidding now taking place on a number of developments in central London.

The firm claims a 57 per cent increase in applicant registrations in March from the previous month, together with a 40 per cent increase in offers made. 

It says activity has picked up significantly “with competitive bidding now taking place on a number of schemes, and rental prices being achieved on some developments reaching five to 10 per cent higher than anticipated.”

Lucy Morton, head of residential agency at JLL, states: “The quality of rental stock has increased considerably, with renting no longer considered the second option but the preferred option for many.

“Punitive changes to stamp duty have shaped how people are interacting with the property market, most notably at the higher end.  Renting has become more desirable than ever because in many cases, you’re not just renting a home but embedding yourself into a lifestyle” she says.

Morton believes new schemes such as Rathbone Square, Uncle Elephant and Castle, Two Fifty One and 190 The Strand, “have all proven exceptionally popular” and come with features such as gyms, residents lounges, private dining spaces and even cinemas, and in addition to luxurious living space giving its tenants more options than ever. 

“Tenants have more flexibility around where and the type of property they rent, so if the ‘shoe doesn’t fit’ you can move easily, allowing young professionals to upsize when they become a family, or families to downsize when the children leave the nest” she adds.