The surge in properties to let which came on to the prime central London market after the April 1 stamp duty surcharge deadline has led to an over-supply - with tenants able to negotiate an average nine per cent discount on the asking rent as a result.
Figures from LonRes, the prime London residential data consultancy, suggest that over the last three months tenants negotiated the nine per cent discount - up from four per cent over the same period last year.
In October and November achieved rents were down 3.7 per cent in prime central London compared with the same period a year ago.
The number of properties let in PCL this year is down four per cent on 2015 levels.
However, whereas the number of properties let between January and July was eight per cent down on 2015, since August there have been three per cent more properties let compared with the same period last year - largely due to a busier September market.
The upper end of PCL’s letting sector - with rent of over £3,000 per week - has seen a 29 per cent increase in activity since the start of September, says LonRes.