Prime central London’s sales market has been in the doldrums for some time - now at least one high-end lettings agency says the same thing is starting to happen in segments of the capital’s rental market.
“PCL lettings has experienced a slowdown, particularly affecting the three and four bedroom mid-market. That said, demand for one and two bed properties from young professionals remains robust and uncompromising” according to Zoë Rose, head of London lettings at Strutt & Parker.
There were 3,936 property lets agreed in PCL during the third quarter of 2015, which was 1.9 per cent below the five year quarterly average
In a separate report, Strutts says that high-end renters are generally getting younger - 44 per cent are in their 30s, easily the largest age group - and that London’s lettings sector will have to change to reflect the varying demographics of tenants.
“As more people enter and stay within the rental model, whether by choice or otherwise, London is going to have to respond with multiple types of accommodation to suit changing requirements” insists the agency’s head of research, Stephanie McMahon.