Record half year performance from Chestertons’ Lettings division

Chestertons has today announced record lettings results for the first half of 2018, as growth in market share and increased productivity helped boost profits by 62% against the same point last year.

Despite the number of available rental properties being 10% lower than 2017, consistent with reduced supply across the lettings market, demand from tenants has risen 30% year on year and Chestertons has managed to convert much of this demand into deals, completing 9% more than last year.

The two main reasons for the drop in available rental properties, are the series of recent tax changes affecting landlords (the tapering of tax relief on finance-related costs and the stamp duty surcharge), and the fact that more tenants are now choosing to extend their contract rather than move. To illustrate this, Chestertons has seen a 9% increase in the number of tenants renewing existing tenancies, meaning fewer rental properties coming back to the market.

Commenting on the impact on rents, Richard Davies, Head of Lettings at Chestertons, says: “Over the last quarter, we have seen rent levels start to stabilise and, in some areas, increase. Given the scarcity of available properties in some areas, we could see rents start to rise again over the next few months which, taking into account the fall in capital values, could lead to attractive yields for landlords coming into the market.”

The gross yields currently reported by Chestertons branch network range from 2% in Knightsbridge & Belgravia to 4.7% in Canary Wharf.

Davies concludes, “Despite wider market challenges, I’m pleased to report such a positive first half to the year which demonstrates Chestertons’ growing market share across its London trading postcodes.”

Shared by: Helen Evison – Helen@theinhouseway.co.uk

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

UK monthly property transactions for May 2025

Headline statistics from the latest transactions data include: the provisional seasonally adjusted estimate of the number of UK residential transactions in May 2025 is 81,470, 12% lower than May 2024 and 25% higher than April 2025 the provisional non-seasonally adjusted estimate of the number of UK residential transactions in May 2025 is 80,530, 13% lower than May 2024 and…
Read More
Breaking News

Construction Skills Mission Board (CSMB) shows the Government has a plan

The Construction Skills Mission Board (CSMB) held its first board meeting today (26 June 2025), where it set out a roadmap for recruiting 100,000 more construction workers a year by the end of Parliament. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “The Construction Skills Mission Board (CSMB) is a recognition…
Read More
Paint Stripper Tools
Estate Agent Talk

5 Strategies to Optimise Your Warehouse for Real Estate

The term fixer-upper can mean many things, from ‘slap some paint on the walls and it looks brand new’ to ‘will this building collapse if we open the front door?’ Indeed, in the dicey world of commercial property acquisition, each warehouse you buy will probably fall into both camps. Thinking about the viability of warehouses…
Read More
Breaking News

HMOs sell for up to 50% above market average

New research from Excellion Capital, the boutique debt advisory and investment firm, reveals that HMOs sell for as much as 50% above the average house price, further increasing their investment potential after it was revealed that HMOs also create rental yields of up to 12.5%. After previous research from Excellion Capital recently showed that the…
Read More
Breaking News

UK buyers struggle while 50,000 homes sit empty

As the UK housing crisis deepens, new analysis by Open Property Group exposes a worrying surge in so-called “zombie homes”- properties that sit unoccupied and deteriorating while millions struggle to access affordable housing. Key insights: 50,000+ long-term vacant homes in England alone 23,000+ of these have been empty for more than two years Estimated £13.6…
Read More
Breaking News

Breaking Property News 26/06/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   The UK is Europe’s second most distressed market despite headline GDP growth Retail and Consumers Goods has emerged as the most distressed sector in Europe, with distress levels now the highest since the global financial crisis, according to the latest Weil European Distress Index (WEDI). The…
Read More