There has been a 94 per cent increase in prime central London tenancies year-on-year claims Lucy Morton of W A Ellis, the single office agency recently taken over by JLL.
Morton says this surge is down to disappointed purchasers turning to the rental sector for a variety of reasons such as being unable to secure finance or find the right property.
“Activity levels are now steady. However, there has been a noticeable increase in the level of rental stock available, mainly as a result of landlords awaiting the outcome of the general election and deciding now to let instead of sell their properties” says Morton.
“Higher stock levels have meant that competition between landlords has increased and properties that are in optimal condition are letting first. The market is highly price sensitive and a property correctly priced will attract multiple enquiries” she explains.
“The student market is back in force this quarter; students made up the majority of lets in the one and two bedroom market over the last month as they secure flats before the summer break.”