Where will all the families go?

With summer upon us and families relocating from abroad to Central London locations during the school holidays there is an increased demand for family accommodation; however the shortage of family houses for rent in prime central London could be a real problem.

Knight Frank’s Sloane Avenue office have two specific applicants requiring 4-5 bed flats over large lateral space. Julie Hill, Knight Frank Sloane Avenue lettings office, comments: “Whilst there is a general shortage of family properties there is a real dearth of large lateral family flats on the market at the moment. This type of accommodation has always been a rare commodity but is now in even shorter supply.”

A lot of family houses in the Chelsea and Knightsbridge are on four or more floors and families coming from abroad are often used to lateral living even if on two or three floors. Low built houses are a rare commodity in these areas so tenants often then look for lateral flats instead.

Jemma Scott, Head of Residential Corporate Services, is finding that as the ‘house season’ approaches an open mind is to be advised: ‘’Many of my clients are relocating to London for the first time and have to adjust to the different quality of life London presents so often will be guided on choice of location by friends and colleagues. Agents have lost a large number of suitable family houses to a virulent sales market added to this an increasing number of families renewing at their current properties finding it difficult to upgrade. So when families arrive with demands for specific location and requirements, which are proving difficult to meet, we often have to open their eyes to alternative areas in order to offer a selection rather than a handful within a specific postcode’’

At present flats in general make up 84% of the rented stock while houses represent only a mere 16% of the market in prime London.

In Kensington and Chelsea £3,000 - £4,000 per week is the average price for an approximate 3,000 sq ft family house, for example in Brunswick Gardens or Wellington Square. The demand for this type of property is high especially amongst the corporate type tenants. In the current market, there are very few of this calibre of property available, as many houses have been put onto the sales market once tenancies have come to an end.

Knight Frank have just brought to the market for let a fantastic 4 bedroom family house in Chelsea Park Gardens at £3,400 a week. They are expecting this property to be let very quickly.