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.
Knight Frank says a frustrating period for tenants looks likely to...
There’s been a huge 15 per cent slump in the number...
Rents in prime central London are down 4.8 per cent in...
The story of falling sale prices in prime central London has...
It’s tempting to think that Michael Gove’s proposed clampdown on Airbnb-style...
Councils across England could make an additional £540m a year in...
The vast majority of negligence claims against conveyancers are for relatively...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Let's be honest – landlords are the lifeblood of any letting...
Attention estate agents: if you're looking for a bumper Christmas bonus,...
Houses in Multiple Occupation are making up an increasing percentage of...
A lettings agency has been expelled from The Property Ombudsman scheme...
The government has written to Conservative MPs promising changes to the...
There’s been at most a one per cent reduction in landlords...
Tenant groups and charities reacted angrily over the Easter weekend to...
The government has written to Conservative MPs promising changes to the...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment