The UK’s increasing attractiveness as a location to film and produce TV and movies is helping to boost letting activity for residential landlords in London hotspots.
Fresh figures from Knight Frank reveal that demand from film and television stars and production workers means that enquiries and deals for properties are set to be more than one-third higher this year than they were in 2019.
Harriet Gore, head of the film and media team at Knight Frank, said: “Demand is already through the roof. The ratio of prospective tenants to available properties is 10 to 1 and higher in some areas. My message to landlords is that if you can furnish your property to a good standard, you can charge a premium of between 20% and 30% compared to the long-let market.”
In-demand areas include Notting Hill, Richmond and Belsize Park, where there is already a shortage of houses to let because of the fact many owners have sold in order to capitalise on heightened demand for space following successive lockdowns. Tenancies from the film and TV industry typically range from six months to two years.
The opening of the OMA:X Film Studios in Enfield, north London, this year has driven demand notably higher in Islington and Shoreditch.
Knight Frank said that film industry tax breaks and the weaker pound had boosted activity in the UK in recent years, with Hollywood stars taking short lets in London, the home counties and beyond. However, it said that a growing number of high-end television productions meant lengthier shoots and longer tenancies and that Blackstone’s recent announcement that it would be bringing a £700m film and TV studio to Broxbourne (pictured), Hertfordshire, meant activity would rise even further.
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