The City of Westminster is one of the most well established prime property markets in London, enjoying a reputation similar to that enjoyed by Kensington and Chelsea. Even with this though there is still a high demand for social and affordable housing in the area. CityWest Homes handles the management of the 22,000 properties in the area on behalf of the Council, working hard to meet the needs of tenants and provide a great service.
In August 2015 the Supply and Allocation of Social Housing 2015/16 was published. It stated that the demand for properties continues to outstrip supply the previous year and the trend was expected to continue. Demand for properties with two or more bedrooms was the highest, showcasing the type of household you can expect in the area.
Several plans have been put in place to help bridge the gap between supply and demand. This includes building new properties, conversions and specifically targeting the creation of homes for social and affordable rent. On top of this the Council and CityWest continue to encourage private landlords to make their properties available.
Council leasing can offer some huge rewards, particularly in areas like the City of Westminster where demand is so high and sustained. It means searching for tenants and worrying about periods when properties stand empty are no longer necessary. The owner can put the property into the hands of the local authority and have them do the marketing, management and maintenance.
At Finefair we have an established relationship with the City of Westminster as part of our services for landlords. We have helped several to get involved with council leasing, helping them to enjoyed guaranteed rental incomes and the benefit of having the local authority looking after their properties. We are always happy to offer advice about the opportunities on offer and support clients looking to proceed with an agreement.