Niche single-office central London lettings agency W A Ellis claims there were 43 per cent more properties let in the third quarter of 2014 than in the previous quarter - although the level is still 4.6 per cent down on a year ago.
While demand from tenants for properties has increased, stock levels have eased back. There were 9.5 per cent fewer properties available to let across central London in the third quarter of 2014 compared to the same quarter in 2013 says Lucy Morton, head of lettings at the agency which is currently being taken over by JLL.
Morton says demand is out-stripping supply at the lower levels of the market but there is more of a balance in the middle tier, with the most choice for tenants with budgets from £1,000 to £2,000 per week.
Competition for properties has increased rents over the last quarter indicating an optimistic outlook for the market over the remainder of the year with rents in some areas increasing by as much as five per cent in 2014 she claims.
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