Letting your property? Here’s why Londoners love a mews
Renting your mews property? Lurot Brand with their record of achieving asking prices and letting prime Central London mews properties are a good choice.
Last year the Huffington Post published a “love letter” to London, written by Melissa DeCastro, an American from Salem County, New Jersey. Amongst the more predictable things Melissa found to praise (gentle rain, museums, parks) she singled out the capital’s architecture: in particular “carefully tended mews houses with flowers spilling out of window boxes on cobblestone streets.” Do you own a mews house? Have you ever considered renting it out?
As London estate agents specialising in mews houses, we were naturally delighted to hear that these unique properties had caught Melissa’s eye. It seems ironic however, that while overseas visitors continue to love and envy our flower-filled mews streets, fewer international tenants are actually turning up to rent them.
When it comes to renting mews houses in London, the city’s residents have now begun to outnumber tenants arriving from overseas. Thanks to Brexit jitters and election woes, the international job market has cooled down considerably in recent months and this has led to a reduction in the number of workers from overseas signing up to rent property in London. However, rather encouragingly, we are seeing an increase in returning ex-pats registering.
We can understand the reasons why London residents of all nationalities are choosing to move to a mews. For many, it’s a simple trade-off between living in a characterless flat in a high-rise block and moving to a property with a more human dimension (with the added benefits of authentic heritage and unbeatable locations in some of London’s most exclusive districts).
The market for mews properties is buzzing right now, and over the past 12 months we have let 55% of our rental properties at the asking price, or even higher. This autumn we anticipate an even greater interest in London property rentals, but what of the next few years?
Owners who choose to rent out their mews properties rather than sell at this time may be making a wise choice, as a number of institutions and banks have recently estimated that in the next five years prime Central London property will experience growth of between 30%-40%.
Mews property is a niche market and landlords looking for a London letting agent should seek guarantees that the agency has contacts with prospective tenants who are genuinely committed to mews living. If you are a landlord, it may be reassuring to know that – like Melissa DeCastro – most of Lurot Brand’s clients have already fallen in love with London’s glorious mews heritage. If you are interested in letting your mews property, call us today to book a rental valuation.