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What's the current shape of the Balham Lettings market?

What's the current shape of the Balham Lettings market?

2021-02-18 
| by Marsh & Parsons (Balham)

With March almost upon us, the team at Marsh & Parsons Balham are back with an update on the key trends that they’re currently experiencing in the Balham Lettings market.

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Across our wider London network, the current volume and quality of properties on the market is fuelling applicant interest to the point that demand continues to outstrip supply. Marsh & Parsons’ applicant numbers are currently in excess of where we were last year; an encouraging figure setting the tone for the early months of 2021.

It’s a similar story in Balham, as confirmed by Ben Hayes, Marsh & Parsons Balham Lettings Manager.

“The market in Balham is currently really busy” says Ben. “The vast majority of applicants we are seeing are in their mid-20s to 30s: many spent the last lockdown out of London and are now returning. People want to be back in the city after spending a lot of last year away and are choosing Balham as their base.”

“Other than professional sharers, we’re seeing families that have decided to delay buying and are instead upsizing their rental home. Most of these families already live in Balham and want to stay local.”

These applicants are extremely motivated, particularly when they find a desirable property. “Plenty of our properties are going for over the asking price” says Ben. “A property in the popular Clapham Mansions block received three competing bids and was agreed at over the asking price, as was another property we recently let on Oakmead Road.”

“The average time for a property to be on with us before it is let is less than a week. Homes with outside space continue to be in high demand, but everything from a one-bedroom apartment with no outside space to a four-bedroom house is going quickly.”

These high levels of applicant interest may be explained by the rollout of the Covid-19 vaccination in the UK. People are still cautious, but they are less so than at the start of the pandemic and many are looking to improve their living environments after spending the majority of 2020 at home. 

Ben expects the next few months to remain busy as more people return to London. “We had three properties go under offer on the first of February alone, and it’s looking like these levels of activity will continue. Our stock levels are rising as the market picks up, but there’s still far more demand than there is supply.”

If you would like to discuss bringing a property to the Balham Lettings Market, and see how we’re letting properties safely in the current climate, please contact Ben and the team on 020 8673 4377, or visiting the Marsh & Parsons website here

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