The LonRes Lettings Report for Hampstead, covering November 2023 through January 2024, reveals a mixed performance in the letting market. While there is positive growth compared to last year, there has been a significant decrease in lettings compared to the previous quarter.
Key Findings
- Rental values averaged £833 per week for flats and £2,055 per week for houses.
- Average rents per square foot achieved £49.53 per annum, up from £45.87 over the same period last year but down from £51.70 six months ago.
- The number of properties let increased by 7.5% year-over-year but decreased by 43.3% compared to the prior quarter.
- Achieved rental values rose by 8% year-over-year but fell by 4.2% compared to the previous quarter.
Increase in Rents Compared to Last Year
The report indicates a positive trend in rental values compared to the same period last year. This suggests a potential rise in demand for rental properties in Hampstead.
Significant Decrease in Lettings Compared to Previous Quarter
While there is a year-over-year increase in lettings, the report highlights a substantial decrease in the number of properties let compared to the previous quarter. This could be due to seasonal fluctuations in the rental market or a shift in renter preferences.
Overall, the LonRes Lettings Report for Hampstead presents a mixed picture of the letting market. While there are positive signs of growth compared to last year, the significant decrease in lettings compared to the previous quarter warrants further observation.
In addition to the findings above, you may also want to consider including the following in your blog post:
- Local market insights: Is there any news or events that may have impacted the letting market in Hampstead during this period?
- Outlook for the future: What are some predictions for the Hampstead letting market in the coming months?
By incorporating this additional information, you can provide your readers with a more comprehensive understanding of the Hampstead letting market.
