Southfields has become a popular property destination in its own right, says Alex Dowding, Lettings Manager of Douglas and Gordon’s Southfields office
Traditionally the sales and lettings market has acted like a seesaw, when one is doing well the other is not. With a cooling in the sales market from the crazy new year and spring period, which saw sealed bids and frustrated buyers, you would expect the lettings market to have been very buoyant with strong prices. This was, however, not always the case in Southfields where we saw the family market behave not as expected and in fact stall ever so slightly. It is likely that this was due to an oversupply of property and not enough applicants who were serious.
At one point in August I think I counted over 30 houses across all agents just on the Southfields Grid. As you can imagine, this had an effect on rents. That said the houses in the best condition were still achieving good rental prices and letting quickly. For example, we had a five bedroom family home, on Heythorp Street let for almost £3,500 per month and one on Clonmore Street at £3,300 per month.
In the three years since Douglas & Gordon opened the Southfields office, we have seen a change in the tenants and it is the growth in the relocation agent and corporate market which has helped achieve some of the top rental prices and where previously it has been a struggle to prize them away from the Putney and Wimbledon market, Southfields has now become popular in its own right. The flat market has not suffered from quite the same problems but we have found that tenants can be quite fickly, making multiple offers and changing their minds at the last minute. well-presented flats that are priced correctly, to start with, are renting quickly.
Douglas & Gordon, 24 Replingham Road, London SW18 5LR; 020 8874 8844; douglasandgordon.com