Hurford Salvi Carr's Docklands office has seen an unprecedented demand for accommodation from student tenants this year; a 70% increase in comparison to previous years.
In contrast, Hurford Salvi Carr's City and West End offices have reported the opposite; both have stated that their respective student markets have fallen by nearly 50%.
This trend is a result of two major factors: Rental prices in the City and West End have increased by 15% in the last 18 months, effectively pricing students out of the area. Additionally, due to the global economic uncertainty many foreign students have curtailed their budgets, forcing them to source properties in areas not previously considered.
As a result of this influx in student enquires, a relatively new breed of Docklands landlord has had to decide on whether or not they will allow students to occupy their properties. Landlords that are accepting of student tenants are basing the tenancy on conditional terms such as; UK based guarantors, a deposit of eight weeks rent in cash and/or quarterly rental payments. Some however are still only accepting of tenants outside the corporate sector.
The Docklands PRS (private rented sector) has long enjoyed the luxury of having all the major financial houses, blue chip corporations and streams of high end tenants on its doorstep.
It now remains to be seen what effect this new tenant base will have on the supply as East London gears up for The 2012 Olympics.
MASON BROOKS – Lettings Manager
Mason Brooks manages Hurford Salvi Carr's Residential lettings operations across East London and Thames Gateway. Mason has witnessed the area transform over the last 10 years, and is an experienced voice on market trends, Olympic lettings and the Docklands area.
Hurford Salvi Carr is an innovative firm of property advisors and development consultants who have become synonymous with urban living in central London.
Hurford Salvi Carr have offices in the West End , City, Clerkenwell and Docklands.
Managers and Directors of Hurford Salvi Carr act as experienced spokespeople for press relations and can be contacted through our press office – details below.
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