Property data company LonRes is the latest to report that the supply of property available to let in prime central London has surged.
It says that in the third quarter, compared to the same period of 2015, stock levels have risen in prime central London; by contrast there was a four per cent drop in the number of properties let.
“Increased stock levels have meant that tenants are able to negotiate on price” says the company.
Its lettings index recorded a fall in prices of 4.9 per cent compared to the third quarter last year.
“A slow July market, following the referendum result, is impacting on the quarterly figures” the company warns.
Across PCL, properties let in July fell by 17 per cent compared with the same period a year ago. However, August and September showed increases of five per cent and seven per cent respectively in properties let.
The report concludes: “The majority of our subscribers surveyed still expect achieved rental values in 2016 to end the year down on 2015 levels, but the proportion expecting a fall has dropped since our previous survey in Q2 2016. This quarter, 32 per cent of respondents expect average rental values to end the year at the same level, or higher, than the end of 2015, up from 22 per cent in Q2 2016.”