A central London letting agency which saw a 30 per cent surge in business last year anticipates similar growth in 2016 and believes it will double in size shortly after that.
E J Harris, based adjacent to Clarges hotel on Brook Street, says it typically has 75 live instructions in its lettings portfolio at any given time and operates across Mayfair, Belgravia, Knightsbridge, Marylebone, Regent's Park, St John's Wood, Chiswick and Shepherds Bush.
About 50 per cent of the business consists of corporate lets and embassy instructions with the balance consisting of private clients who include tenants from the UK and overseas from countries such as Italy, India and Russia.
Rental values rose 3.0 to 4.0 per cent across prime central London last year and will rise 2.0 to 3.0 per cent this year. The rise in stamp duty [for some high end properties] and uncertainty over mansion tax in the lead up to the election, has generated a 30 per cent increase in vendors looking to let rather than sell, and additional households choosing to let rather than purchase says managing director Elizabeth Harris.