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Rent falls in prime central London slowing at last, says agency

The fall in rents across prime central London’s lettings market are slowing according to Knight Frank.

It claims rents have dropped 4.9 per cent in the year to the end of February 2017, following a drop of 0.7 in the previous three months - this is the lowest quarterly drop to be reported since November 2015.

Meanwhile the number of new tenancies agreed in the six months to the end of February is running 22 per cent above the previous half-year period.

Activity in the sector with rents below £1,000 per week is particularly strong, thanks at least partly to continued strong demand from students, more willingness to rent by young professionals, and the apparent cut in some corporate accommodation budgets.

In the £250 to £500 per week sector the fall in rent was 0.1 per cent in the past three months, while rents in the £500 to £750 sector remained unchanged in the same period. In the £750 to £1,000 bracket the fall was 0.8 per cent.

There were falls of between 0.1 and 0.8 per cent in the higher-value sectors.

Knight Frank says stock in the PCL rental sector is growing thanks to uncertainty in the sales market.

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