Foxtons insists the London rental market may now be in recovery mode with 9.2 prospective tenants per property registered in the third quarter of 2017 - up from 7.7 at the same time last year.
“The third quarter is known as 'the lettings quarter' as a number of existing tenancies come to an end and there is a natural increase in activity from students and corporate tenants. This year was no exception,” claims Sarah Tonkinson of the agency’s lettings division.
“The oversupply of properties - created in part by a surge in the number of buy to let purchases in advance of stamp duty changes in April 2016 - has now been absorbed by the market. After benefiting from a softening in prices as a result of that oversupply, tenants opted for longer-term contracts, and this has helped stabilise the supply-demand balance further” she continues.