One of London’s most respected lettings agencies says it’s recorded its best-ever quarter for business - defying claims from some that the capital’s rental market is on its uppers.
There were over 1,000 new tenancies agreed across the 16 London branches of Benham & Reeves Residential Lettings, which represents a 22.1 per cent increase in transaction volumes on the same third quarter of 2017.
The agency says it now has 22 applicants per property, compared with 16 at the same time last year.
The firm says Brexit has not impacted on the appetite for London rentals, with demand being high across the board, and at every price point.
“Even at the top-end of the prime central London market, we have seen properties be snapped up at an astonishing rate. Each branch now has a waiting list of applicants, fully referenced and ready to go when the next apartment becomes available” says a statement from the firm.
BRRL regularly undertakes roadshows for Asian investors and the firm says expansion of investment in London is still under discussion amongst overseas buy to let purchasers.
“This was particularly evident at our Shanghai office, with Chinese landlords eager to understand the current situation in London. For this reason, we have recently expanded our overseas liaison team in London” says the company.
However, it says that despite this broadly encouraging picture of the market, rents across London are roughly flat.
“While volume and transactions have increased dramatically, rentals have not followed the same trend, and landlords should take note of this. There is lots of stock on the market, therefore it is important to maximise your rental investment as much as possible; the large margins just aren't there to be had right now” says the agency.