Activity in the super prime London market, where tenants are prepared to pay £5,000 or more per week for a home, continues to strengthen according to Knight Frank.
The agency says that the first four months of 2017 saw 42 super prime tenancies agreed, up from 33, in a year on year comparison.
And it seems the more expensive the price sector, the higher the demand. The year to March saw 30 tenancies agreed above £10,000 per week compared to 20 in the previous year
The agency hints there may well be a connection between the poor performance of the high-end sales market and the improving fortunes of the high end lettings market, because in the two years following the December 2014 stamp duty rise, there has been a 9.5 per cent increase of super prime lettings compared to the two preceding years
“A wider mood of uncertainty has picked up following the snap general election and the start of Brexit talks. At this price point, there are tenants who are able to rent in the short-term and buy when they sense that a greater degree of stability has returned. One reason the number of tenancies agreed is not higher is due to limited stock availability” explains Tom Smith, Knight Frank’s head of super prime lettings.
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"hints" there is a connection between poor high end sales and more high end rentals. Only reason why in my view
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