One of London’s high-end letting agents says it has experienced a sharp increase in tenant demand since the election after a quiet lull before David Cameron was re-elected last month.
W.A. Ellis has reported a 20% increase in tenancies starting year-on-year with demand exceeding supply.
The firm’s director and head of agency, Lucy Morton, says that the ‘mid-term break’ is normally a quiet period but that the firm has seen a ‘mass influx’ of new applicants registering since polling day.
She also confirms that the capital’s student market is in full swing. She says that many tenants will have to take their chosen property now as the majority of landlords will not agree for their property to be sitting empty until September.
Commenting on the agency’s success, she says: “Our market share in super prime continues to rise month by month with huge success in the super prime sector of the London lettings market.”
Morton also pledges her firm’s support for Mayor of London Boris Johnson’s London Rental Standard, which has been criticised by Labour for ‘failing private renters’.
“People differ in opinion as to whether this scheme has been a success or not, however, we fully support the initiative,” she says.
W.A. Ellis, which operates in Knightsbridge, Chelsea and Belgravia, is now part of the JLL Group after announcing a merger in October last year.