Mews market reflections: Autumn trends in the lettings market
How are recent changes beginning to shape the autumn lettings market?
We have now moved through the first full quarter since the implementation of the Renters’ Rights Act, and we are starting to get a better feel for how the lettings market is responding.
August was particularly quiet, with the usual summer slowdown and many people away. As we move into autumn, however, activity is beginning to pick up again.
One trend we are starting to notice is tenants becoming more opportunistic around their notice periods. With the changes introduced by the Renters’ Rights Act, some appear more willing to consider moving when the right property becomes available, rather than waiting for a traditional fixed point in their tenancy.
Stock remains a key issue. There continues to be a shortage of good-quality rental property coming to the market, supporting demand for well-presented and correctly priced homes.
We are also seeing a clear trend around pricing. Properties priced broadly in line with the market from the outset are generating stronger interest and are more likely to let, while those priced too ambitiously can remain available for longer. Getting the pricing right at launch is therefore critical. Overpricing is increasingly likely to result in longer void periods, whereas properties launched at the correct level are attracting more serious applicants.
We were pleased to have let a property on Laverton Place for £3,000 per week. It was initially viewed by a sales applicant, which is a good example of the benefits that collaboration between our sales and lettings teams can bring. We also let a property on Princes Gate Mews, for which we received two off-market offers. With both a terrace and a balcony, the outdoor space was likely a significant factor in the property’s popularity, alongside its competitive price.
Finally, the rollout of the landlord database, also known as the ‘Register your rental property service’, is expected to begin in December, with the changes affecting London from July 2027. This will be another important development for landlords and agents to monitor closely.
Thinking of letting a mews property? Email lettings@lurotbrand.co.uk to arrange a free market appraisal and learn more about the letting services we offer.
